Solana
Solana (SOL) Bulls Eye new all-time high: a potential rise beyond $260 in sight?
- Solana price surged to $159.2, driven by increased institutional interest and on-chain activity.
- Memecoins on Solana saw an increase of 6.4%, contributing to the asset’s bullish momentum.
Solana (SOL) has become a focal point for institutional investors, demonstrating significant gains over the past 48 hours. It is worth noting that Solana has seen notable bullish momentum with its price reaching $172.56, an increase of 6% in the last 24 hours. This surge pushed the market capitalization to $77.7 billion and the 24-hour trading volume to $3.2 billion, an increase of 31%. Weekly flows also saw a positive rise of 8.35%, indicating growing interest and investment in the asset.
Although 38% below its all-time high of $260, reached on November 6, 2021, Solana’s recent performance has renewed investor optimism. The total value locked (TVL) of the asset on decentralized finance platforms (DeFi) amounted to $4.42 billion, an increase of 7.83%. Top protocols such as Jito, Marinade, and Kamino each hold over $1 billion in TVL, highlighting the robust activity within the Solana ecosystem.
Institutional flows have played a vital role in Solana’s recent gains. The asset is known to outperform the market during recovery phases, and current data supports this trend. The increase in on-chain activity and institutional investment highlights the growing confidence in Solana’s long-term potential.
Memecoins and future prospects
One of the main drivers of Solana’s recent uptrend is the renewed interest in memecoins. Solana memecoins saw a 6.4% increase over the past 24 hours, pushing their market cap above $7.5 billion. The influx of new tokens, some posting gains of up to 50x in daily trading, has contributed to increased market activity and investor interest.
Crypto bulls say the memecoin craze and a possible Federal Reserve rate cut could further increase Solana’s price. A drop in rates could lead investors to allocate more funds to riskier assets like cryptocurrencies, which could drive up the value of Solana and its associated memecoins.
The consolidation phase strengthens Solana
Renowned cryptocurrency analyst Altcoin Sherpa expressed bullish views on Solana (SOL), sparking excitement within the crypto community. In a recent post On Although the chart indicates a positive trend, Sherpa stressed that more measurements should be taken to prove this upward movement.
Sherpa’s analysis is based on Solana’s recent market behavior, which showed a one-month period of stability and minimal volatility. The consolidation phase means that Solana has entered a good period, which makes its chart more stable and resistant to market changes. Sherpa emphasized that these phases are important because they usually occur before significant bullish moves.
Solana’s price stability indicates the strengthening of its position in the market, making it less affected by abrupt changes. Sherpa’s findings show that the two-week consolidation period strengthened Solana’s technical picture, which is good news for investors. This phase of price stability is seen as a prelude to a possible breakout, making Solana a desirable asset for those looking to take advantage of future gains.