In recent days, the crypto community’s focus has shifted towards meme coins based on the #solana blockchain, which have seen significant growth. This development comes at a time when other major cryptocurrencies like Bitcoin and Ethereum are stagnating. The question remains: will #sol follow suit?
Key Highlights:
64.28% of traders hold long positions, while 35.72% are opting for short positions.
TVL on Solana has increased by 3.75% in the last 24 hours.
SOL could reach $165 if it breaks its previous high of $154.
Meme Coins on Solana Are Experiencing Significant Growth
On September 26, 2024, meme coins based on the Solana blockchain, such as Dogwifhat (#WIF ), Bonk (#BONK ), Popcat (POPCAT), and Cat in a Dogs World (MEW), saw notable gains. Their prices increased by 6%, 5.5%, 12%, and 15.5%, respectively. This surge occurred despite the stagnation of major cryptocurrencies like Bitcoin and Ethereum.
Solana (SOL) and Its Price Momentum
At the time of writing, Solana is trading around $150, with a daily price increase of over 2%. SOL's trading volume has risen by 9%, indicating growing trader activity and interest in the cryptocurrency. While the price growth isn't drastic, the community expects SOL to follow the success of its meme coins.
Technical Analysis and Outlook for SOL
Technical indicators confirm a bullish trend for Solana. SOL is trading above the 200-day exponential moving average (EMA), a strong signal for growth. If SOL surpasses its previous day’s high of $154, it could continue rising to $165 or more, provided the market sentiment remains positive.
Source: Trading View
Growth in Solana’s TVL
Total Value Locked (TVL), the overall value of assets locked on the Solana blockchain, has increased by 3.75% over the last 24 hours. This rise shows growing investor confidence in Solana-based projects and the platform's stability, which could further support SOL's price.
On-Chain Metrics Indicate an Uptrend
On-chain data reveals a strong bullish sentiment for Solana among traders. The long-to-short ratio currently stands at 1.8, indicating positive market momentum. 64.28% of traders are holding long positions, reflecting their confidence in further growth for the cryptocurrency.
Source: Coinglass
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