Solana is one of the top-performing cryptocurrencies today, up by 11.74%. As of 08:22 UTC+0, Solana was trading at $169.13. Trading volumes are also up by 16% to $6.630 billion.
This comes as activity levels start to build up around the Solana ecosystem. Solana meme coins are among the top-performing cryptocurrencies this year. According to a report by Franklin Templeton, the Solana ecosystem is growing fast, and Solana meme coins now account for a sizeable chunk of the meme coins market. This is the result of the ultra-low fees on the Solana network.
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Growing Investor Interest In Solana Meme Coins
With alt-season already showing signs of a kickoff, meme coins are likely to lead the gains, and some of them are already starting to make double-digit gains. With Solana meme coins taking the lead, this spotlight on Solana could see it emerge as one of the best-performing cryptocurrencies this bull season.
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— Jupiter 🪐 (@JupiterExchange) March 14, 2024
Another pointer to the likely continuation of Solana’s growth is evident in the growing adoption of Jupiter, the top decentralized exchange on the Solana exchange. The growth on Jupiter is so exponential that it now rivals Uniswap in terms of activity levels. Such fast-expanding activity levels are set to keep pushing Solana higher, with some analysts projecting that Solana could be headed to $1000 or more in the coming months.
Solana Genesis Block Day Celebrations
In the next 24 to 48 hours, Solana is also likely to experience a surge in network activity due to the upcoming celebration of the Solana Genesis Block Day scheduled for March 16th. This is likely to see the hype around Solana increase on social media as the celebrations kick off on social media. With Solana’s price already on the rise, the hype around the celebrations could see Solana draw in more investors this week, which could see SOL quickly test $200 in the short term.
☀️Solana’s Genesis Block Day is coming 🔜 March 16.
What will you do to celebrate? 👀👇
— Solana (@solana) March 14, 2024
Overall, Solana is currently gaining upside momentum due to the growth around its network, especially meme coins. There is growing hype around Solana now that the celebration of Solana’s Genesis block scheduled for March 16th has already triggered hype around Solana on the internet.
Solana Trading In a Bullish Channel With Buying Volumes On The Rise
Solana is currently trading in a bullish channel with rising buying volumes. This indicates buyers are coming in with expectations of even higher price levels for Solana.
If bulls sustain the current momentum amidst rising buying volumes, the next key level to watch would be $200, a key psychological resistance level for Solana. If Solana pushes through the $200 resistance today, then Solana’s all-time high of $261 could be within reach in the day or within the week.
On the other hand, if Solana bulls lose momentum, then two scenarios could play out today. The first is a consolidation between $180 and $170, which another upside could follow the push toward Solana’s all-time highs.
However, if bears take control in the day, and there is a correction below $170, then prices around $150 could be seen within the day.
Solana Price Prediction – Why $200 Or Higher Is A Realistic Target Today
While any of the above scenarios could play out today, Solana is likely to see a continuation of the upside momentum it has built so far. One of the critical factors is that in a market that is already showing bullish signals, Solana has stronger buying activity than other top 10 cryptocurrencies by market cap. This will likely drive FOMO into SOL, and the price pressure this creates could cause the token to keep pushing higher and test $200 or more in the day.
Then there is the fact that the network on the Solana blockchain is hitting new highs, with Solana DEXs like Jupiter outperforming the likes of Uniswap. With the low fees on Solana drawing more investors into Solana meme coins, the demand for Solana will likely get stronger over time.
There is also the upcoming celebration of Solana’s genesis block that is coming up on March 16. This is expected to see social media hype for Solana remain consistently high this week and could help keep the price momentum up.
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