💥💥💥 #Solana⁩ Price Prediction as SOL Trading Volume Soars to $2.5 Billion – Are #Whales 🐳🐳🐳 Buying the Dip?

The Solana (SOL) price has rebounded, testing the $150 mark after dipping below $140 earlier in the session. Trading volumes surged, surpassing $2.5 billion on major exchanges, the highest level since last Tuesday.

Despite this impressive price increase, Solana remains within its $120-$160 range observed over the past month. Traders are eagerly awaiting upcoming US economic data releases, particularly Wednesday's US CPI and Retail Sales reports, which could impact interest rate expectations.

Attention has also shifted to meme coins and meme stocks following the sudden return of Roaring Kitty, coinciding with low gas fees across major blockchains like #Ethereum . Solana has emerged as the top meme coin blockchain in 2024, positioning itself as a potential beneficiary if a new #memecoin🚀🚀🚀 season begins.

However, the macro backdrop remains uncertain, with #bitcoin (BTC) trading around $63,000 and stuck within multi-month ranges. Spot Bitcoin ETF flows have slowed, and the aftermath of the April halving suggests a subdued outlook for the near future. With summer typically signaling a bearish sentiment for Bitcoin, Solana's fate may be intertwined.

A breakout above $160 resistance could propel Solana towards $200 swiftly, especially if meme coin season gains traction.

Conversely, a failure in meme season resurgence could lead to a breakdown, with $120 serving as crucial long-term support. A breach of this level may trigger a test of $100 or lower, potentially prompting short-term holders to panic sell.

Slothana (SLOTH), a new Solana meme coin, has gained significant traction since its May 1 launch. With a market cap approaching $100 million and a 550% surge in value, Slothana aims to surpass its predecessor, Slerf (SLERF), in meme coin popularity. As meme coin interest grows, Slothana could potentially become a multi-billion-dollar coin and rival the success of GME stock.

Source - cryptonews.com