Solana’s Price Surge: A Rally Driven by Meme Coins and Decentralized Exchanges
Solana’s price has seen a meaningful rebound after hitting a 13-month low earlier this week. The cryptocurrency climbed to $125 on Saturday,marking a 30% increase from its lowest point this year. This surge has pushed Solana’s market cap above $64 billion.
The recovery is partly due to the strong performance of meme coins within the Solana ecosystem. As an example, Fartcoin’s price has surged by over 81% in the past seven days. Similarly, Popcat has seen a 57% increase. Other notable performers include Gigachat, Goatseus Maximus, Fartboy, and Vine. These gains have boosted the total market cap of Solana meme coins to over $7.02 billion.
Solana’s decentralized exchange network has also been thriving. Protocols like Orca, Raydium, and Pump have processed over $14 billion in the last seven days and $46 billion in the past month. Additionally, Solana has handled over 350 million transactions in the last week, a 4.8% increase from the previous week. Active addresses have risen by 15% to over 28.13 million.
technical analysis suggests a bullish outlook for Solana. The price chart shows a falling wedge pattern, a bullish reversal sign. the Relative Strength Index and MACD indicators are also trending upward. If the price holds above $110, it coudl reach $150, a 20% increase from the current level.
