Solana price shows signs of a rebound after gaining by nearly 7% in the last seven days. These gains have sparked a positive social sentiment amid rising institutional adoption from top Wall Street firms like BlackRock and Fidelity. Moreover, a newly launched SOL-based Ghibli meme coin could fuel a massive rally.
Solana Price in Focus As Social Sentiment Surges
A recent report by on-chain analytics platform Santiment has stated that the level of positive social sentiment around Solana has surged to historic levels. This increase stems from bullish news such as the BlackRock BUIDL Fund on SOL.
“The combination of technological advantages, institutional interest, community support, and influencer engagement are contributing to a nearly unheard of positive vs. negative commentary ratio of 18:1 right now.”
Santiment revealed that for every 18 bullish comments on Solana price, there was only 1 bearish comment, suggesting traders anticipate a rebound.
As the market sentiment flips positive, Solana price can extend its gains, and possibly reclaim its previous record highs.
Ghibli Meme Coin Frenzy May Fuel SOL Rally
Besides the positive market sentiment, the other factor that could drive a 96% rally for Solana price is the Ghibli meme coin frenzy. This meme coin is inspired by OpenAI’s recently launched image generation feature for ChatGPT that has received much attention including from Elon Musk.
The largest Ghibli-themed meme coin dubbed Ghiblification has seen its price surge by more than 2,600% barely 24 hours after launch. According to DexScreener, this meme coin has attained an $18M market cap.
Additionally, volumes on PumpFun have nearly doubled in the last three days according to DeFiLlama. This suggests a return of meme coin activity on Solana.
Meme coins have been a major catalyst for Solana price growth. Earlier this year, SOL surged to an all-time high amid the frenzy around the TRUMP and MELANIA meme coins. If this trading activity results, SOL is bound to rally.
Can Solana Price Reach $270?
Solana price today trades at $139 with a slight 1% drop in 24 hours. Despite the dip, popular analyst Ether Wizz has shared a bullish Solana price prediction, forecasting that it could reach $270 soon.
The analysis noted that SOL had bounced from a major demand zone. If it can extend this rally to the next demand area at $180, it could spark a 96% rally to $270. Solana could achieve this price target in less than two months.
The bullish technical outlook showcased in the daily Solana price chart and the historic high positive sentiment from traders suggest that a rally to $270 is likely to occur. Moreover, as meme coin activity on the PumpFun meme coin launchpad heightens, it could fuel parabolic gains for SOL.
Frequently Asked Questions (FAQs)
Solana’s daily price chart shows the price can hit $270 after bouncing from a key demand area. Trader sentiment and meme coin activity could fuel this rally.
The social sentiment metric from Santiment shows a lot of positive comments about Solana. This suggests optimism from traders that the price will rebound.
Ghibli is a newly launched meme coin on the Solana blockchain. It has attained an $18M market cap barely 24 hours after launch amid frenzy around ChatGPT’s Ghibli image generation feature.
muthoni
Muthoni Mary is a seasoned crypto market analyst and writer with over three years of experience dissecting blockchain trends, price movements, and market dynamics. With a sharp eye for technical analysis and an in-depth understanding of on-chain metrics, she delivers insightful, data-driven content that helps investors navigate the fast-paced world of digital assets.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/solana-price-eyes-96-rally-amid-surging-social-sentiment-and-ghibli-meme-coin-frenzy/
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