Solana Meme Coins Will Explode: Is It Time to Buy $SOL ?
On September 26, 2024, Solana-based meme coins caught the attention of the crypto community with their strong performance.
Solana Meme Coins Outshine Bitcoin and Ethereum According to CoinMarketCap, Solana meme coins—Dogwifhat ($WIF ), Bonk ($BONK ), Popcat (POPCAT), and Cat in a Dogs World (MEW)—gained 6%, 5.5%, 12%, and 15.5%, respectively, in the past 24 hours. These gains happened while major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB) struggled. Whether Solana (SOL) will follow the same trend remains to be seen.
SOL Price Movement Currently, SOL trades around $150, up over 2% in the past 24 hours. Its trading volume increased by 9%, showing growing interest from traders. While the rally has been modest, the community expects SOL to potentially match the strong performance of its meme coins.
Solana Technical Analysis SOL is in a bullish trend, trading above the 200 Exponential Moving Average (EMA) on the daily chart, signaling an uptrend. A recent consolidation breakout has also shifted market sentiment.
If SOL breaks its previous high of $154, it could rise 10%, reaching $165 or higher, assuming the bullish sentiment continues.
Solana TVL Increases Solana's Total Value Locked (TVL) increased by 3.75% in the last 24 hours, indicating more assets are being staked in Solana DeFi platforms. This suggests growing demand and platform stability, potentially boosting SOL’s price.
Bullish On-Chain Metrics On-chain data from Coinglass shows a Long/Short ratio of 1.8 for SOL, signaling a bullish market. Currently, 64.28% of traders hold long positions, while 35.72% are short. With bullish metrics and increasing demand, the outlook for SOL appears strong.
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