New Solana Meme Coin Surges 430% Amid Recovering Market

Solana (SOL) meme coins have been the market’s focus following the rise of dogwifhat (WIF), BONK, and other tokens.

However, this does not make every new hot trending meme asset a must-have since some don’t have much to offer, like Banana Tape Wall (BTW)

Why This New Solana Meme Coin Skyrocketed?

Solana meme coin, BTW, was the best-performing token in its category over the last 24 hours. The asset registered a 430% rise even when the rest of the market barely recovered from the recent drawdown.

BTW, which is trading at $0.0143 at the time of writing, may have seen a considerable rise, but the coin may not be worthy of being a part of anyone’s portfolio. This is because new meme coins are vulnerable to significant market volatility and manipulations.

BTW is born from the artwork “Comedian,” which is a banana stuck to a wall by duct tape. Feeding the irony of giving importance to insignificant information, the artwork was sold for nearly $120,000.

Read more: 11 Top Solana Meme Coins to Watch in August 2024

Solana Meme Coin BTW Price. Source: CoinGecko

BTW was launched less than three days ago, expecting to bank on the same hype. Since then, the meme coin has grown, but this might be the ceiling for the meme coin.

Nevertheless, it contributed significantly to the overall market capitalization of Solana meme coins. At the time of writing, the collective worth of these assets was more than $7 billion, rising by 12% in a day.

Solana Price Prediction: The Parent Benefits

Solana’s price is gaining from the recovering market and the hype surrounding the meme coins on the network. In the last 48 hours, the cryptocurrency has seen a near 20% rise, bringing the trading price to $154.

The “Ethereum killer” is close to flipping the resistance of $156 into support, which would mark a 50% recovery from the recent losses. A bounce off from this point could send SOL to $175 and above.

Read more: 6 Best Platforms To Buy Solana (SOL) in 2024

Solana Price Analysis. Source: TradingView

However, profit-taking could result in Solana’s price losing the support of $156, sending the altcoin back down. Falling below $150 could wipe the gains and invalidate the bullish thesis.