Solana (SOL) witnessed a significant surge in its price, climbing by nearly 24% amidst the recent excitement surrounding meme coins. Trading at $180.72, SOL’s increase in value can be attributed to the explosive rise of meme coin enthusiasm, particularly fueled by Dogewhatif (WIF).
WIF’s astonishing fundraising success of $700,000, surpassing its initial goal by a wide margin, propelled a 25% surge in price, boasting a staggering $3 billion market cap. This fervor directly influenced SOL’s impressive price hike, reflecting the underlying strength of Solana’s network.
Record total-value-locked (TVL) demonstrates Solana’s robustness
The surge in SOL’s activity isn’t solely about memes; it mirrors the network’s robustness, evidenced by a record total-value-locked (TVL) of 23.07 million SOL, the highest since December 2022. Solana’s distinguishing features, such as lightning-fast transactions and minimal fees, have positioned it as a hotbed for meme coin mania. WIF’s connection to Solana’s infrastructure has amplified its appeal, potentially transitioning it beyond meme status into decentralized finance (DeFi).
Jupiter, a prominent DeFi project within the Solana ecosystem, has showcased impressive performance by surpassing Uniswap V3 in data processing volume. Experiencing a remarkable 67% increase since March 6, Jupiter’s resilience shines through, particularly with the introduction of its Value-Average (Beta) feature. The surge in meme coins like Bonk (BONK) and Dogwifhat (WIF), alongside Jupiter’s achievements, highlights the expanding allure of Solana’s ecosystem.
Solana’s outlook and technical analysis
As of the latest analysis, Solana (SOL/USD) is experiencing a slight retreat, trading at $181.57, down by 1.27%. The pivot point for SOL is $181.57, which could act as a decisive level for future price movements. Immediate resistance levels are observed at $188.69, $201.35, and $214.81, potentially impeding upward progress.
Conversely, immediate support is $170.07, with deeper safety nets at $158.56 and $149.35, providing crucial zones to cushion any potential declines. The Relative Strength Index (RSI) stands at 66.96, hovering near overbought territory, signaling a possible consolidation or reversal if traders perceive SOL as overvalued at current levels.
Source: https://www.cryptopolitan.com/solana-experiences-surge-amid-meme-coin/