The Solana ecosystem is on the rise as its market capitalization has increased by more than 200% since the beginning of the year. The rise of the memecoin craze in the markets is the main reason for the extraordinary performance. Besides Solana, dogwifhat (WIF) and POPCAT are among the best performing tokens in the ecosystem. The recently launched memecoin Goatseus Maximus (GOAT) is attracting immense attention from the market participants.
Solana’s growing ecosystem marks new highlights every day. The SOL/ETH ratio just reached a high of 0.069, underscoring its growing dominance in the crypto space. Furthermore, DEX volumes on the Solana blockchain have consistently increased by more than $2 billion per day, surpassing even the pioneer Ethereum blockchain. On the other hand, Ethereum’s TVL has remained largely flat, while the Solana chain managed to continue its upward trajectory.
According to the latest data shared by SolanaFloor, the daily priority rate has reached a new all-time high of 24,675.
With this, SOL price rose above $175 and also regained the market cap of $80 billion, while volume also rose above $4 billion. On the other hand, open interest on SOL futures has increased by more than $3 billion or 18 million SOL, with interest rising to more than $3 million in the last four days alone. Currently, the bulls have geared up and appear to be preparing for the next bullish push as the price tests one of the crucial resistances.
As seen in the chart above, the price is testing the upper resistance of the rising wedge, which also accompanies the falling trendline. At this stage, the bulls need to show some strength that could negate the outcome of a rising wedge. However, the price may face some pullback and in such cases the trendline could provide a strong base, preventing excessive pullbacks.
Furthermore, the RSI appears to be reciprocating a previous trend by rising from the bottom to reach the upper threshold. Therefore, the price may experience a small pullback after crossing the crucial resistance. However, Solana price is expected to find the base and trigger a smooth recovery that could help the price surpass the decisive resistance at USD 180.
Once the Solana (SOL) price rally above these levels despite bearish pressure, a rise above $200 appears imminent. This means a new ATH could be in place before the end of 2024.
Credit : coinpedia.org
