Solana Surges Past $150 as Meme Coins and Stablecoins Thrive
Solana (SOL) has reclaimed its position above $150, marking a meaningful recovery.The cryptocurrency reached $153 on Saturday, its highest since March 3. This surge has propelled its market cap to nearly $80 billion.
The rally is fueled by renewed interest in meme coins within its ecosystem. These coins have seen their market cap soar to $10 billion, up from $6 billion earlier this month. Notable gains include Official Trump (TRUMP), Bonk (BONK), Dogwifhat (WIF), and Pudgy Penguins (PENGU), each rising over 60% in the past week. Three meme coins—TRUMP, Bonk, and Fartcoin—now boast a combined market cap of over $1 billion. Fartcoin, inspired by a popular meme, has surged nearly 500% from its monthly lows. the boost came after former President Trump invited top investors of his meme coin for dinner in May.
These meme coins have also benefited decentralized exchanges like Raydium and Orca, which have processed over $17 billion in volume.The stablecoin market cap in Solana’s ecosystem hit a record $13.1 billion. Active addresses on the network reached 3.1 million.
- TRUMP, Bonk, and Fartcoin have particularly stood out.
- Stablecoins on Solana have also seen a boost, reaching a new high of $13.1 billion.
Technical analysis shows SOL forming an inverse head-and-shoulders pattern, a bullish signal. It has broken key resistance levels, indicating a strong upward trend. Analysts predict SOL could hit $200, a 32% increase from current levels.
Key factors driving the growth include:
- Increased trading volume on DEX platforms.
- Active addresses on the network jumped to 3.1 million.
Investors are optimistic, with the Relative Strength Index and MACD rising. The coin has surpassed the 23.6% Fibonacci Retracement level.
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