Solana experienced a rebound in April, following a low point of $94.50, as the demand for its token and meme coins increased
Solana experienced a rebound in April, following a low point of $94.50, as the demand for its token and meme coins increased.
At the most recent review on Saturday, Solana was trading at $170, its highest level since March 3 of this year.
The ongoing bull run in the stock market and cryptocurrency has occurred concurrently with the rally.
The market capitalization of all cryptocurrencies has exceeded $3.2 trillion as a result of the significant increase in Bitcoin and the majority of altcoins.
The market capitalization of the majority of Solana meme coins has increased in recent weeks, from $6 billion in April to $13 billion today. Bonk, Dogwifhat, Popcat, and Peanut the Squirrel were among the most successful performers.
The efficacy of its Decentralized Exchanges has also been impacted by this growth.
In the final seven days, the volume processed by protocols in the network, such as Meteora and Raydium, increased to $20 billion, and in the final 30 days, it reached $78.93 billion.
This represents a substantial increase in comparison to Ethereum’s protocols, which managed $13 billion and $51.5 billion during this time.
The impending approval of spot cryptocurrency exchange-traded funds will also benefit the Solana price. Seven companies, including VanEck, 21Shares, Grayscale, and Bitwise, have submitted applications for a slot SOL ETF.
JPMorgan anticipates that these funds will generate over $6 billion in inflows within the initial year if the Securities and Exchange Commission permits staking.
Solana price analysis: textbook pattern suggests a rise to $500
The SOL price has established a classical chart pattern, which is referred to as a cup and handle, as evidenced by the weekly chart. This pattern is distinguished by a handle section, a convex bottom, and a horizontal resistance.
The upper section of this pattern cost $258, while the lower side cost $8.05. It is currently constructing the handle section of this pattern.
In this instance, the most effective method for approximating the price target using this pattern is to measure the cup’s profundity, which is 97%. Subsequently, the target is approximated to $500 by measuring the same distance from the cup’s upper side.
The bullish price prognosis for Solana will be rendered invalid if the coin falls below the critical support level of $94.50.
