Solana price continued its strong rally on Monday, reaching a high of $175, its highest point since March 3 this year. SOL token has jumped by over 82% from its lowest point this month, bringing its market cap to over $90 billion. This article explores how high the SOL price will go as the Solana meme coins market cap jumps to $15 billion.
Solana meme coins market cap hits $15 billion
Solana price has jumped sharply in the past few days as investors shifted back to meme coins in its ecosystem. Data shows that the market cap of all these coins has jumped to over $15 billion, up from $6 billion a few weeks ago.
A look at CoinGecko data shows that all Solana meme coins have jumped in the past few days. Goatseus Maximus (GOAT) token has jumped by over 243% in the last seven days, while Dogwifhat (WIF) has jumped by 102% in this period.
Peanut the Squirrel (PNUT) token has soared by 156%, while Cat in a dogs world (MEW) has soared by 60%. Moo Deng price has jumped by 622%, while Ponke and Fwog prices have jumped by over 100%.
Many other smaller meme coins like Unicorn Fart Dust (UFD), Purple Pepe, Pippin, and Michi have jumped by triple digits.
The soaring Solana meme coins has had an immediate impact on Solana’s ecosystem as the total value locked (TVL) in the network has jumped by over 42% in the last 30 days to over $21.8 billion. The biggest players in the ecosystem are Jito, Kamino, Jupiter, Raydium, Sanctum, and Marinade.
The volume handled in Solana’s decentralized exchanges has jumped in the past few weeks as the meme coin ecosystem has jumped. Raydium’s volume jumped by 11.5% in the last seven days to $6 billion, bringing the 30-day volume to over $21.8 billion.
The volume handled in Orca’s network jumped by 25% to $5.15 billion, while Meteora, Lifinity, and Stabble handled over $3.7 billion, $1.45 billion, and $1.45 billion. This growth has also led to an increase in network revenue and fees in the past few weeks.
More catalysts for the SOL price
There are other potential catalysts for the Solana price. First, there are signs that the Securities and Exchange Commission (SEC) will approve the multiple ETFs that have been filed in the past few months.
A spot SOL ETF approval will be a good thing for the coin as it will lead to more inflows from Wall Street investors. These inflows will likely do well if the SEC agrees to allow the funds invested in ETFs to be staked.
The other potential catalyst for Solana price will be the potential of its accumulation by companies. A few companies, like Janover and Upexi, have started acquiring Solana for their strategic reserves.
Solana will also benefit from the ongoing greed among market participants as the fear and greed index has risen to 70.
Solana price technical analysis
The weekly chart shows that the SOL price has formed a textbook cup and handle pattern that points to more gains in the longer term. It is now forming the handle section of this pattern.
The cup has a depth of about 96%, which is established by measuring the distance between the cup’s highest point and its lowest point in December 2022.
Measuring the same distance from the upper side points to an eventual surge to $500. Moving to this level will take time since the pattern is formed on the weekly chart. A drop below the support at $95 will invalidate the bullish outlook.
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