According to Cointelegraph: The price of Solana (SOL) has been steadily ascending today, spurred on by recovery in the broader cryptocurrency market after a 48-hour period of selling pressure. Specifically, on April 3, SOL saw around a 5.75% climb to approximately $192, a performance that outdid the wider cryptocurrency market, which experienced a 2.2% growth during the same timeframe.
This upward price swing coincides with a revival in the market value of Solana's top memecoins, namely Dogwifhat (WIF) and Bonk (BONK), which've rebounded 5.4% and 1.3% respectively in the last 24 hours. New meme-based entrants to the Solana ecosystem like Cat in the Dogs World (MEW) and Book of Meme (MEME) also showed impressive gains.
These Solana-based memecoins have been closely tied to the increase in Solana's total value locked (TVL), which has risen by 70% throughout 2024, reaching 23.78 million SOL on April 3.
Aiding Solana's bullish move was its rising market dominance index (SOL.D), showing an expansion of 3.95% on April 3. This index, a measure of Solana's market cap compared to the overall crypto market, has shown a growth of 28% since the start of the year, indicating a positive capital flow into Solana.
Institutional investors have also played a part in SOL's rallying price by injecting nearly $25 million into SOL-based investment funds in March, while Solana's chief competitor Ethereum saw a withdrawal of $67.2 million.
Lastly, from a technical analysis perspective, SOL's current gain comes after a bounce back from an ascending triangle pattern's lower trendline, promising a potential leap to upper levels around $205 in the coming days.
