Solana (SOL) Price Reaches $178, Its Highest Level Since March, 40% Increase Over the Past 30 Days

Solana's price has been on a strong upward trajectory, reaching $178 in recent trading. This marks its highest level since March and represents a 40% increase

Solana’s price has surged to its highest level since March 2024, reaching $178 on Friday. This marks a 40% increase from the past 30 days.

The price movement comes amid a broader recovery in the Solana ecosystem, which has seen key metrics reach multi-month highs.

Weekly decentralized exchange (DEX) volumes on Solana have climbed to $35.6 billion. This is the highest level in over two months.

The growth in trading activity has helped push protocol revenue to $25.9 million, according to data from Blockworks Research. During this period, the network maintained an average throughput of around 1,190 transactions per second (TPS).

At the same time, Solana’s share of the SOL-USD trading market increased from 27% to 38%, indicating growing demand for its native asset.

Solana’s Total Value Locked (TVL) has also shown impressive growth.

DeFiLlama data reveals the network’s TVL fell to a low of $13.9 billion but has since recovered rapidly, rising 58% to $22.1 billion over the last 30 days.

Meme Coin Explosion

A key driver behind Solana’s recent success has been the explosive growth in meme coins within its ecosystem. Tokens like Pudgy Penguins (PENGU), Bonk (BONK), and newer entries like Fartcoin (FARTCOIN) and Popcat (POPCAT) have all contributed to the rally.

The combined value of Solana meme coins has surged to $14.7 billion in just one month. These tokens now account for more than a fifth of the entire meme coin market capitalization, according to CoinMarketCap data.

Celebrity-endorsed tokens, such as Official Trump (TRUMP), have also gained popularity on the network. This has resulted in better on-chain metrics across the Solana ecosystem.

Trading volumes for SOL have jumped by nearly 30% in the past 24 hours as fear of missing out (FOMO) appears to be taking hold in the market.

The Fear and Greed Index, a measure of market sentiment, has recovered from a record-low of 15 (Extreme Fear) a month ago to 73 (Greed) currently.

This shift 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, the odds of an upcoming interest rate cut have increased.

The Federal Reserve may now focus more on economic growth than inflation control, which could benefit risk assets like cryptocurrencies.

Technical Analysis Suggests Further Gains Possible

Technical indicators suggest Solana could be setting up for further gains. The price action appears to be setting up for a bullish crossover between the 21-day and 200-day exponential moving averages (EMAs).

The last time this pattern occurred, in September 2024, SOL delivered gains of more than 70% within two months. It then rose to its latest all-time high just four months after this signal.

If historical patterns repeat, analysts suggest SOL could rise to at least $300 in the next three months.

Momentum indicators show 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 include the 21-day EMA and the 200-day EMA. As long as these support levels hold, Solana appears to remain on track to reach higher price targets.

The trajectory of the price action suggests a golden cross could occur once the price reaches the $190-$200 range. This could set up a short-term target of $212, an area that saw strong selling pressure earlier this year.