Solana's price has risen by 20% in the past week, so what's next for SOL?
Currently, SOL is priced at $144, making it one of the top five best performing cryptocurrencies. So, will it continue to rise?
While SOL may continue to rise, it may go through a period of consolidation first. SOL is trending on social media, and the word "Solana" is currently popular.
Just like other cryptocurrencies, Solana's prospects are closely tied to the overall cryptocurrency market. However, analysts are optimistic about SOL as the Solana ecosystem continues to grow and build. At the current market price, Solana is down 3.3% today, up 10.9% this week, and down 18% this month.
With a market cap of $64 billion and a 24-hour trading volume of $2.4 billion, it is down 3.8% today. Once SOL breaks through $160, there will be explosive gains.
However, it may go through a consolidation phase first. "As expected, SOL has rejected resistance. It may consolidate (accumulation) below $160 first. I am setting a $160 breakout alert for larger volatility,
Meanwhile, Solana’s price action is very bullish, suggesting more upside. "SOL’s price action is currently the most bullish apart from Bitcoin. On a yearly basis, it looks ready to break above $200 this year. Its ecosystem and social network are thriving.
In fact, Mac’s mention of the Solana ecosystem has played a major role in the recent price action. The growth of the Solana ecosystem is reflected in the trading volume on its decentralized exchange, which recently surpassed Ethereum’s in 24-hour trading.
Meanwhile, Solana’s association with meme coins has linked it to a new emerging narrative. This is because asset management firm VanEck recently launched the “Meme Coin Index”, which includes the six largest meme coins by market cap, two of which are Solana tokens, with a total value of $89 billion.
VanEck’s move shows that institutional interest in memecoins is on the rise, and with the recent surge in the sector, this could be a harbinger of future trends. Therefore, now could be a good time to invest in emerging memecoins before institutions drive the craze.
The most promising of these is Sealana, based on the Solana blockchain, which is one of the most popular presales in the ecosystem, having raised over $250,000 so far.
This new Solana presale is one to watch: Sealana has launched a hilarious, South Park-inspired swearing meme on the Solana blockchain that has resonated with the degen trader community.
Sealana is a seal-themed meme coin that forgoes the holistic and aquatic lifestyle of seals, instead focusing on studying charts of low-cap meme coins every day while eating canned tuna and chips from the basement in the hopes of one day being able to walk out and sit in a rose gold Lamborghini.
