Despite Bitcoin being just a few steps away from $100K, altcoins are showing that they are no lesser than BTC through their price movements. Among the altcoins, SOL takes the lead, breaking its ATH after two years and trading at a price of $263. The steady rise of SOL makes it a leader within the altcoin pack, especially in the current bullish market trend. Furthermore, meme coins are also experiencing massive growth, especially those based on the SOL blockchain.
At the time of writing, Solana was exchanging hands at a price of $259, with an 8.75% increase in one day and over 23.79% in a week. Furthermore, Solana’s market cap also reached a new ATH. The rise of SOL over ETH and other coins is mainly due to the improvement in its blockchain and the price increase of Solana-based meme coins.
Solana-based meme coins like PNUT, BONK, and WIF have experienced massive growth in prices. As per the data from CoinMarketCap, dogwifhat has increased by 36.83%, Bonk has risen by 131%, and Peanut the Squirrel has climbed by more than 2300% this month. This illustrates the meme coin frenzy happening on the Solana blockchain.
Solana Hits Yearly High with Growing Whale AccumulationAccording to the SOL liquidity map, there are more long leverages than short leverages. The amount of long liquidation leverage at $233.6 is $719.54M, and on the other hand, the amount of short liquidation leverage at $290.2 is $224.22M. The strong long positions, along with the bullish momentum and breaking a new ATH, all point towards an increase in SOL’s price movement.
As Solana has already broken its all-time record, the next possible milestone is breaking through $300. The Relative Strength Index (RSI) is at 78, which points towards overbought, and the Moving Average Convergence Divergence (MACD) is trading atop the signal line, which denotes bullish momentum. Furthermore, other technical indicators also denote a bullish trend for SOL with the possibility of SOL crossing the major resistance zone of $300.
