Highlights:
- Solana price trending higher after rallying through the $225.46 resistance
- Rally points to the rising bullish sentiment around Solana
- Rising Solana demand in the meme coins space could sustain a rally
Solana is in the green today, mirroring the bullish price action across the cryptocurrency market. In the last 24 hours, Solana has gained by 2.94%. At the time of going to press, Solana was trading at $245.61, and gaining.
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Solana’s price action has now pushed its market cap to 116.50 billion and puts it much closer to retesting its 2021 all-time highs. Such a rally could pave the way for a parabolic price run for Solana, one that could see it hit prices as high as $1000 in the foreseeable future.
Technical Analysis – Solana Price Rallies Through Resistance as Bulls Take Control
From the charts, Solana has cleared the way for a potential retest of its 2021 all-time highs. On November 17, Solana rallied through the $225.46 resistance and closed above it. This is confirmation that bulls are firmly in control of the market.
This price action has been validated today, with Solana opening above the November 17 close of $237.04 and pushing higher. If bulls sustain this momentum, then Solana could be headed for $250. A rally through could pave the way for Solana to rally to $300 or even higher in the short term.
On the flip side, if there is a correction across the broader market, the key level to watch for Solana would be $225.46, now support. A push through this support could easily see Solana’s price drop to around $200. While each of these scenarios is plausible in the short term, the odds point to a bull rally that could push Solana to $300 or higher. Multiple market factors and internal Solana fundamentals point to such a likelihood.
Solana Continues to Gain Adoption in the Memecoin Space
Meme coins are among the most traded cryptocurrencies and continue to mint millionaires every day. This means any network that aligns with the meme coin market stands to do well this cycle. So far, Solana stands out from the crowd on this front with most of the meme coins entering the market now based on the Solana network.
The latest pointer to Solana’s dominance in meme coins is the meme coin named CAT, which is themed around Simon’s cat. The backers of this meme coin have announced that they are expanding it to the Solana blockchain.
The reason for the expansion to Solana is the same one that continues to draw in more meme coins to Solana – speed, and low transaction costs. This means there is a strong demand for Solana in the meme coin space, and as the bull cycle gains intensity across the market, Solana could see parabolic growth in meme coins launching on its network.
By extension, this means that the underlying demand for Solana tokens will continue to rise over time. This explains the continued growth in Solana’s price and its potential to soon rally to prices as high as $300.
Investors Seeking Out Solana Meme Coins More
Solana meme coins are among the best performing today. Data shows that Solana meme coins have minted more millionaires than any other network. This is a big deal now that there is growing confidence that the 2024/25 bull market has started.
In a quest to make quick riches, a lot more people could turn to Solana meme coins. This further adds to Solana’s potential to see an explosion in value as demand from the meme coins space skyrockets.
Recap
Overall, the odds seem to favor a continuation of the already-started Solana price rally. The broader market is bullish, and Solana seems to be solidifying its position as the top network for launching meme coins. This and the broader market momentum could push Solana to $300 or more in the short term.
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