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Solana (SOL) on Mega Bullish Rampage, Next Crucial Target Locked

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Tue, 9/01/2024 - 8:55
Solana (SOL) on Mega Bullish Rampage, Next Crucial Target Locked
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The broader digital currency ecosystem is on a bullish recovery course, and Solana (SOL) is arguably a big beneficiary of this ongoing rally. The top altcoin has solidified its ranking as the fifth largest coin with its 20.1% jump in the past 24 hours, pegging its price at $102.36

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SOL 1D Chart. Source: CoinMarketCap

This latest rally has helped Solana reclaim the $100 resistance point, sending it as high as $103.80 in the past 24 hours.

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Solana bulls enter greed

Solana’s ecosystem metrics are proof that this new rally might be onto something intriguing. With the current outlook, Solana’s weekly performance is gradually paring off the mega losses it has accrued as prices are still down 10% in this period. However, on the monthly charts, Solana has jumped by more than 30% to date.

Another crucial indicator that Solana might be primed for a more momentary surge is the return of sentiment among traders.

While on-chain data currently shows buyer enthusiasm marked by the 43.36% jump in trading volume to $4,126,722,552, Solana bulls have notably entered the "Greed" territory, implying that more capital inflow may be recorded in the coming days.

Solana meme coin ecosystem revival

Despite the relatively steeper rate of growth, Solana’s performance is closely tied to that of Bitcoin (BTC), the top coin currently positively reshaping market sentiment at the moment. In that light, Solana’s meme coins are also bound to see a revival with the digital currency trending higher.

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Flagship meme coin BONK has taken a massive beating from its bears with previously hyped new entrants like Dogwifhat losing steam as new price floors get created. Overall, while the ongoing Solana resurgence may send the coin’s price to $110 as the next target in the short term, it can also stir an unprecedented revival in its meme coin ecosystem along the way.

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