Solana (SOL) Price Hits $180 Mark as Meme Coins Continue Their Strong Run

Solanas price has hit the $180 mark, fulfilling predictions made just 11 days ago. This surge comes amid a strong comeback from meme coins

Solana’s (CRYPTO: SOL) price has hit the $180 mark, fulfilling predictions made just 11 days ago. This surge comes amid a strong comeback from meme coins within its ecosystem, notably Pudgy Penguins (PENGU) and Bonk (BONK).

Solana Meme Coins Surpass $14 Billion in One Month

The combined value of Solana meme coins has grown to $14.7 billion in just one month. This represents more than a fifth of the entire meme coin market, according to data from CoinMarketCap.

In addition to the popular Pudgy Penguins and Bonk tokens, exotic coins like Fartcoin (FARTCOIN) and Popcat (POPCAT) have also contributed to the rally. Their performance has helped push SOL to its current price level, which is up 162% year-to-date.

Solana’s on-chain metrics have also improved with the growing popularity of celebrity-endorsed tokens such as Official Trump (TRUMP). Network activity has increased, and more users are participating in the ecosystem.

Solana’s ecosystem TVL in SOL has grown from 45.15 million at the start of the year to 52.78 million currently, showing an increase of 16.9%.

Rising Trading Activity

Weekly trading volumes have reached their highest levels since mid-February at $22.8 billion. The strong performance of meme coins typically leads to higher trading activity and FOMO (fear of missing out) among investors.

Trading volumes for SOL in the past 24 hours have jumped by nearly 30%, which may be related to FOMO as the meme coin rally continues.

Market sentiment has also improved dramatically. The Fear and Greed Index has recovered from a record-low of 15 (Extreme Fear) a month ago to 73 (Greed) today.

This change in market attitude may be linked to recent macroeconomic developments. As the United States economy contracted during the first quarter compared to the previous three months, expectations for interest rate cuts have increased.

The Federal Reserve might choose to prioritize economic growth over inflation control. This potential shift has created a more positive outlook for crypto assets.

Technical Indicators Point Higher

Solana appears ready to deliver what could be a strong buy signal on the daily chart. A bullish crossover between the 21-day and 200-day exponential moving averages (EMAs) may be forming.

The last time this happened, in September 2024, SOL gained more than 70% in just two months. It reached its most recent all-time high only 4 months after this signal.

The price action suggests an upcoming golden cross that could occur once SOL reaches $190-$200. If this happens and historical patterns repeat, SOL could rise to at least $300 in the next 3 months.

Momentum indicators show very strong positive momentum. The Relative Strength Index (RSI) has reached overbought levels, while the MACD histogram has been trending higher for five consecutive days.

Key support areas to watch are the 21-day EMA and the 200-day EMA. As long as these supports hold, Solana will likely reach its short-term target of $212 and potentially its mid-term target of $300.

A pullback toward these moving averages could provide an entry opportunity for investors who missed the initial rally. However, the overbought momentum indicators suggest a correction may occur in the coming days as early investors take profits.

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