š Solana price prediction: A 150% #SOL jump to $500 possible
Solana price staged a strong recovery, surging for five consecutive days, and crossing the important resistance point at $200 for the first time since April 1. It has surged by over 82% from its lowest point in August, a trend that could continue.
šø Solana tokens surge
Solana price soared as data showed that most tokens in its ecosystem continued their bullish momentum.
Drift Protocol, a leading perpetual exchange in the network, surged by over 127%, reaching a record high. This surge brought its total market cap to over $485 million. Analyst cited news that the network was offering 75% discount on Solana perpetual futures.
Helium Mobile (MOBILE) was the other top-performing Solana token, which surged by over 33%. Marinade Finance and Orca tokens jumped by double digits as well.
This rally happened as the volume in Solana DEX networks jumped by over 11% to over $14.2 billion, crossing Ethereumās $13 billion. The most active Solana DEX networks were Raydium, Orca, Phoenix, and Lifinity.
Notably, Solanaās jump happened even as most meme coins in its ecosystem struggled. Dogwifhat rose by just 1% in the last 24 hours, while Popcat, Bonk, Cat in a dogs world, and Goatseus Maximus dropped by as much as 7%. The total market cap of all Solana meme coins retreated to $12.9 billion.
Solana has some of the best fundamental metrics in the cryptocurrency industry, something that analysts attribute to its low transaction costs and fast transaction speeds.
šø Analysts are bullish on SOL price
Crypto analysts are bullish on Solana, which they believe will continue doing well in the long term.
From a macro level, the token will benefit from Donald Trumpās victory. In his campaign, Trump committed to implement some of the best crypto policies to ensure that the industry growth continues.
Besides, Trump has a skin in the game since he owns a crypto portfolio worth over $6 million.
