Will Solana rebound with the memecoin craze?
Recently, according to market analysts, SOL may rekindle a memecoin craze in its chain, driving its price rebound. SOL is in a critical short-term supply area, and whether it can successfully break through remains suspense.
Solana's memecoin moat may become the driving force behind its price rebound. He cited the recent craze around AI-derived goat tokens as an example, saying: "I don't care whether memecoins become a new religion or whether AI agents launch so-called "cults" on the chain. What I care about is that all of this points to SOL."
Solana's chain has become a hotbed for all speculative experiments in this cycle, among which Raydium, a decentralized exchange based on Solana, is particularly prominent. In this week's new round of memecoin craze, Raydium's trading volume hit a record high and its market share also increased significantly.
It is worth mentioning that according to Kaito data, GOAT ranks first among memecoins, further highlighting its appeal this week. Meanwhile, GOAT has nearly 12% of attention compared to other memecoins, with Dogecoin being its closest competitor.
Noting that SOL outperformed other cryptocurrencies over the weekend, it stated: “The on-chain degradation that occurred on Solana may allow the market to begin pricing it in a new paradigm shift.”
Santiment’s data also supports the above prediction, showing that SOL sentiment was relatively optimistic last week. However, whether this positive sentiment is related to Bitcoin’s rally or the new memecoin craze is unclear.
The price of SOL is hovering around $160, which happens to be a bearish order zone at the mid-range level. In short, if SOL can successfully break through this key supply area, its price may rise to $180 in the short term. However, if the price rejection in the supply zone remains, SOL may fall to the 50-day moving average of $147, or return to the previous range low.
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