Solana Price Up 20% in a Week – What Next for SOL?

The post Solana Price Up 20% in a Week – What Next for SOL? appeared first on Coinpedia Fintech News

Cementing its position as a frontrunner among large-cap cryptos, Solana has soared 10% this week.

Currently trading at $143, SOL has been the best-performing top-five crypto – so will its positive rally continue?

SOL Could Continue to Rally but May Consolidate First

Its strong performance has sparked a frenzy on social media, with the term “Solana” currently trending on X.

Like all cryptocurrencies, Solana’s outlook is tied to the broader crypto market’s performance. However, with Solana’s ecosystem continuing to advance and establish itself, analysts are notably bullish on SOL.

At its market price of $143, Solana is down 3.3% today, up 10.9% this week, and down 18% this month. It holds a $64 billion market cap and a $2.4 billion 24-hour trading volume, down 3.8% today.

Analyst Crypto Busy anticipates an explosive upswing once SOL breaks above $160. However, the analyst says that it may undergo a consolidation phase first.

“As expected, SOL rejected the resistance. It may potentially consolidate below $160 first (accumulation). I’m setting up an alert on the $160 breakout for a much bigger move,” he wrote.

Meanwhile, prominent commentator Mac says that Solana’s price chart is highly bullish, alluding that much more upside is in the pipeline.

“SOL is the most bullish chart after BTC right now. Held yearly VWAP and looks ready to push $200+ this year. Its ecosystem and memes booming,” explained the analyst.

Indeed, Mac’s reference to Solana’s ecosystem is important in its recent price action. Solana’s ecosystem growth is reflected in its decentralized exchange’s trading volume, which recently overtook Ethereum’s in a 24-hour window.

Meanwhile, Solana’s synonymity with meme coins has tied it to a new emerging narrative. That’s because VanEck, an $89 billion asset manager, has recently launched a “Meme Coin Index,” which covers the six largest meme coins by market cap, two of which are Solana tokens.

VanEck’s move marks a genesis in institutional meme coin interest, but with the sector displaying massive momentum recently, it may be a sign of things to come.

As such, this could be a timely opportunity to invest in emerging meme coins before an institutional-fueled rush.

One of the most promising is Solana-based Sealana, the ecosystem’s hottest ongoing presale, which has raised over $250K so far.

New Solana Presale to Watch: Sealana Raises Over $250k

Ushering in a hilarious layer of foul-mouthed, South Park-inspired memetics on the Solana blockchain, Sealana is certainly striking a chord with the degen trader community.

Sealana is a seal-themed meme coin who left behind his holistic and aquatic lifestyle in the pursuit of meme coin riches. He now spends his days grinding low-cap meme coin charts while munching on canned tuna and chips from his mom’s basement, hoping to one day step outside into a rose-gold Lambo.

The project follows in the footsteps of other meteoric Solana presales like Book of Meme and Slerf, which broke records and printed millionaires after launching on exchanges. 

What’s more, rumours are circulating that the Slerf team launched Sealana, with both the project’s early momentum and similar inspirations adding to the speculation.

Analysts have been considerably bullish on the new presale, with Crypto Boy saying, “This Solanan meme coin could give you 100x profit.”

The presale has even garnered coverage in top media outlets, including CryptoPotato, CoinGape, and Watcherguru.

While this offers a bullish outlook for the new degen meme coin, potential buyers are against the clock. This is because there is no predetermined presale hard cap, meaning the token could launch on exchanges anytime.

Visit Sealana Presale