Solana (SOL) has once again captured the spotlight in the cryptocurrency market, surging 18.8% in the last 24 hours to hit a new all-time high. While most top 10 cryptocurrencies (excluding stablecoins) posted gains of less than 5%, Solana’s performance stood out, fueled by the frenzy surrounding the Trump-backed memecoin, TRUMP.
What’s Driving Solana’s Rally?
The recent surge in Solana’s price can be attributed to several factors:
- TRUMP Memecoin Mania: The Solana-based TRUMP memecoin has driven significant demand for SOL, as traders flock to the ecosystem to participate in the hype.
- Increased Visibility: Solana’s blockchain has gained widespread attention, with rumors of a U.S. strategic Bitcoin reserve and potential ETFs adding to its appeal.
- Technical Breakout: Solana’s price action has been bullish, with the altcoin defending key support levels and breaking through resistance zones.
Price Predictions and Market Sentiment
Analysts are optimistic about Solana’s future trajectory. Using Fibonacci retracement levels, the next price targets for SOL are set at 373.6. The Relative Strength Index (RSI) is in overbought territory, indicating strong buying pressure, while the Chaikin Money Flow (CMF) has reached levels not seen since March 2024, underscoring the bullish momentum.
The 3-month liquidation heatmap reveals that major liquidity pockets above 300 have been cleared, 105,000, Solana has ample room to push higher, potentially breaching the $400 mark in the coming weeks.
Expert Insights
Market experts believe Solana’s rally is far from over. The combination of memecoin-driven demand, technical strength, and growing institutional interest positions SOL as one of the top-performing altcoins in this cycle.
