Network Activity and Memecoin Demand Drive Solana Price Up
This week, Solana (SOL) has gained significantly, trading at $154.59 after hitting $156.43. The bitcoin market is improving as major cryptocurrencies reverse their decline. Ethereum, Solana, and XRP are all up, as Bitcoin (BTC) stays over $68K. Global crypto market capitalization rose 0.8% to $2.35 trillion.
Solana's native token, SOL, rose 12.1% to $154.52 from October 11 to 18.
Memcoin demand has raised network traffic, fees, and total value locked (TVL).
Given its speculative character, this memecoin craze may not last.
A viral article advertising Goatseus Maximus (GOAT), which hit $400 million in a week, shows this rising interest in memecoins. While Ethereum's TVL remained static, Solana's TVL rose 13% month-over-month to approximately 41 million SOL, a two-year high.
Solana dominated DEX volumes with 43% increase and $11.16 billion, beating Ethereum's layer-2 solutions. While the memecoin outlook is unpredictable, these data show that SOL might reach $180 because to its high network activity and competitive placement in developing areas like AI and gaming.
Solana Price Analysis: Bullish Momentum May Target $180
After recovering from the 50% Fibonacci retracement level at $147.51, a pivot point, Solana (SOL) is positive on the 4-hour chart.
Solana overcame the 23.6% Fibonacci retracement at $153.88, a critical support zone, to start moving higher.
If Solana fails to stay above this support, another correction may take the price to the 38.2% Fibonacci level at $150.36 or the 50% level at $147.51.
A significant break over $158.33 might allow Solana to test $165, the next major obstacle.
