SOL has risen by 3% in the past 24 hours, with the Solana price rallying to $134 as ongoing Bitcoin ETF-related bullishness pushes the entire market higher today.
SOL has now gained by 32% in a week and by 35% in the last 30 days, with the major altcoin also sitting on an impressive 530% appreciation since this time last year.
Aside from market-wide bullishness, Solana has also benefitted from a surge of interest in meme coins running on its platform, which has boosted demand for SOL.
As such, the latter is likely to continue seeing gains in the coming weeks and months, with its all-time high potentially under threat.
Solana Price Prediction as SOL Meme Coins Go Viral – Here’s the Latest
SOL’s chart continues to show plenty of momentum, momentum which is likely to continue in the near term.
Its relative strength index (purple) passed the 70 level at the start of the month and has even risen a little higher today, all without entering an excessively overbought position.
Source: TradingView
Meanwhile, SOL’s 30-day average (yellow) is rising at a steep angle, putting further distance between itself and the 200-day average (blue), and signalling how Solana remains in an expansionary phase.
And while the coin’s 24-hour trading volume isn’t as high as it was at the end of last week, it remains very healthy, at around $3.5 billion.
79,983 #SOL (10,291,905 USD) transferred from unknown wallet to #Coinbasehttps://t.co/YG3ZhfGr9U
— Whale Alert (@whale_alert) March 2, 2024
As the above tweet shows, some whales have used the current rally as an opportunity to take some profits.
But given just how strong SOL and the wider market is at the moment, it’s clear that the altcoin can support a considerable amount of selling without suffering too much.
Indeed, its support level (green) has risen very consistently over the past few months, implying that any dips in the near term are likely to be minor.
One of the reasons for SOL’s strength is that its blockchain is witnessing a substantial spike in activity, resulting from the market’s increasing demand for Solana-based meme tokens.
The trader who spent only 5.288 $SOL($310) to buy 2.58M $WIF ($4.1M currently) started to sell $WIF for profits at the highest price.
He sold 750K $WIF for 9,363 $SOL($1.21M) at $1.61, with 1.83M $WIF ($2.91M) left.
The total profit is $4.12M(13,307x)!https://t.co/Fc8EWZ673m pic.twitter.com/elFRilLtNd
— Lookonchain (@lookonchain) March 4, 2024
Given that the market is really only just entering alt season (following surging demand for BTC), it’s likely that the current taste for meme coins will only intensify in the next few weeks.
For this reason, the Solana price is likely to continue rising, potentially reaching $150 by the spring.
High-Potential SOL-Based Meme Tokens
SOL may be nearing overbought territory, but the market is still full of promising new tokens that could rally big soon, including various Solana-based coins.
One of the newest and most promising SOL-based meme tokens is Smog (SMOG), which was listed last month on the Jupiter and Birdeye DEX aggregators.
It’s up by nearly 5,000% since listing, as shown in the very bullish price chart below.
Source: Birdeye/TradingView
This makes it one of the best-performing new coins of its period, with its exciting airdrop system being one of the main reasons for market interest.
In particular, its airdrops – which it will hold at regular intervals over the next few months – will provide greater rewards to investors with greater holdings.
This system is already incentivizing an increase in long-term holding, something that should support its price over the longer term.
It has total max supply of 1.4 billion SMOG, with it allocating 35% of this quantity to its airdrops.
On top of this, holders can also stake the token, with its protocol providing yields of 42% APY.
#Dragons, we’ve now reached over 400,000 #SMOG https://t.co/d4J9DuOg1A quests completed!
We’re wondering how many quests have you completed yourself?
— SMOG (@SMOGToken) February 22, 2024
Smog has also been able to motivate greater participation by running a number of quests, which invite holders to complete tasks that help to grow the Smog community.
Combined with its bullish tokenomics, such quests should help SMOG to enjoy consistent gains throughout the year.
Investors can buy the token via Jupiter or Birdeye, or by going to the official Smog website.
It’s also on track to list on various exchanges in the coming weeks, potentially pushing its price even higher.
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