Solana Price Gains Traction as Meme Coins Surge

By: Eva Baxter

Solana is showing signs of life in the market, experiencing a surge that indicates further increase potential. The cryptocurrency has undergone a notable upward movement from the $110 mark, creeping above critical resistance zones.

Solana's price began a recovery wave, moving past the $135 and $140 benchmarks against the US Dollar. The price is currently trading above $145, comfortably positioned above the 100-hourly simple moving average. Crucially, it broke past a key bearish trend line with resistance at $136 on the hourly chart of the SOL/USD pair.

This action has positioned Solana for potential gains, with the next significant resistance point at $155. Should Solana manage to close above this, it could pave the way for an upward journey, stretching towards the $166 region. Solana's rally is complemented by an overall market boost, particularly from meme coins built on its blockchain, which saw a 35% surge overnight. This rapid rise in meme coins has been a contributing factor to the broader market confidence in Solana.

However, risks remain. If Solana fails to clear the $155 resistance level, it could trigger a downward correction. Immediate support on the downside is identified around the $140 and $135 ranges. A dip below $135 could usher the price down towards the $122 level, and failing to hold above $122 might see Solana revisiting the $110 zone.

The MACD for SOL/USD is gaining bullish pace, while the RSI stands above the 50 level, signaling positive momentum. Market analysts will be keenly watching these levels as Solana navigates through its resistance and support zones.