Solana (SOL) is currently leading the market's altcoin momentum today, with its price up 22.55% to $16.35, according to data from analytics platform CoinMarketCap. While the growth in Solana is not a standalone event, the extra leap in the digital currency comes off as a sustained push, considering the fact that the coin has maintained a fairly bullish start to the year.
With the current growth moves, Solana has printed a new 30-day high of $16.43 and is on track to breach the $17 resistance level. While Solana is still a far cry from its 90-day, 52-week, and all-time highs, the current bullish outlook of the coin shows the investor community can be positively triggered to help regain these historic highs.
With this growth, the community can anticipate three major events associated with Solana. This includes how far the coin will soar in this current leap it is courting. Anywhere from its current price point can be a short-term price discovery run, and should it crest at $17, Solana would have had its first historic price high for 2023.
Additionally, eyes are on Solana to see if its current momentum can help it beat Polygon (MATIC) to regain its spot in the top 10 list of cryptocurrencies. In all, investors should also watch for the coin's major support at $14.5, a point which, if breached, can spark a major sell-off across the board.
Bonk (BONK) effect
The growth in Solana is a function of more addresses buying and interacting with the digital currency. Notably, we can adduce this enhanced ecosystem embrace of Solana to be linked to sizzling hot meme coin Bonk (BONK).
Bonk hit many milestones for transactions traded last week, which surpassed Ethereum, and with these purchases, SOL as a coin is spent as a gas fee. Suffice it to say, the hype around BONK might have contributed in some ways to the performance of Solana thus far this year.