Highlights:
- Solana gains momentum after pushing through the $184.62 resistance
- Continuation of bullish momentum could see SOL hit $260 Soon
- Bullish sentiment across the market could help drive a rally to $260 soon
Despite a slight slowdown today, Solana continues the impressive price action it has recorded in the past week. In the last 24 hours, Solana has gained by 0.15%, and at the time of going to press was trading at $215.65. Trading volumes are also on the rise and when going to press, stood at $11.48 billion, up by 24.90%.
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Solana Tokens Continue to Dominate the Meme Coins Space
One of the key factors driving Solana’s momentum is its choice as the launch platform for meme coins. On the Solana DEX screener, dozens of new meme coins are hitting the market daily. Even better is that many of these Solana meme coins are making it to top exchanges. R
ecently, Binance has expanded its range of meme currencies further by adding two more tokens that are based on the Solana ecosystem, The AI Prophecy (ACT) and Peanut the Squirrel (PNUT). Consequently, the exchange offers 17 meme tokens across its spot and futures markets, most of which are Solana-based.
Once listed, these Solana meme coins are also going on to perform well relative to the broader market. For instance, since its inception, ACT, which is centered around a Discord community that uses chatbots powered by artificial intelligence, registered massive price growth to the tune of 1,720% and a massive trading volume of over $350 million against both Binance and Raydium.
The market cap surged within a few hours from $20 million to $422 million as a result of the increase in interest by traders. The coin’s technology employs AI bots that reply and interact with users, an attractive feature for most of the ecosystem users in the crypto and AI space.
Another token named PNUT pays homage to a renowned New York squirrel, offering a compelling story behind the new token. As a result of the listing, PNUT witnessed a value surge that hit over 344%, subsequently driving its market capitalization to $450 million. The two tokens have been assigned a tag of ‘seed’ by Binance which indicates their new status and the possibility of high fluctuations due to low liquidity level.
Solana DEX Volumes on the Rise
However, memecoin trading is not the only activity that is driving Solana’s value at the moment. Solana DEX volumes continue to rise as well, signaling to a network that is fast gaining adoption across different metrics.
Solana’s DEX volumes reached $17.1 billion from October 30 to November 6, capturing a 26% market share. This is quite a big deal as it is outperforming Ethereum. This trend is largely caused by decentralized token launch platforms like Pump.fun and indicates the possibility of more widespread expansion of the Solana ecosystem.
congrats @pnutsolana & @ACTICOMMUNITY 🥳
today marks the first ever pump fun coins getting spot listings on Tier 1 exchanges @binance @okx & @Bybit_Official etc.
we're excited about what this means for new & existing coins launched on pump fun!
this is just the first chapter.. pic.twitter.com/5kesrtyPs6
— pump.fun (@pumpdotfun) November 11, 2024
Additionally, the $88.2 million in fees generated by Solana in October can enhance the network’s sustainability. This revenue also boosts investor confidence in the network. In contrast, Ethereum’s tally, despite having a considerably higher total value locked (TVL), was $131.6 million. It goes to show the rising investor interest in the Solana network.
Technical Analysis – Solana Price Targets All-Time Highs as Momentum Rises
From the charts, Solana has been gaining momentum since rallying through the $184.62 resistance on November 6. This is in line with the rising bullish momentum across the market. With Bitcoin now pushing towards $90k, the odds are high that Solana could be headed higher as well. With little resistance in sight, Solana is now headed for a rally to its all-time high of $260 in the short term.
While there could always be a correction back to $184.62, now support, the odds are slim. That’s because Trump’s win in the US election has given markets a new impetus. With the odds of Bitcoin hitting prices above $100k now realistic, Solana price could easily be headed to $1000 or higher. The fundamentals support such a parabolic price rally.
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