Solana price staged a strong recovery, surging for five consecutive days, and crossing the important resistance point at $200 for the first time since April 1. It has surged by over 82% from its lowest point in August, a trend that could continue.
Solana tokens surge
Solana price soared as data showed that most tokens in its ecosystem continued their bullish momentum.
Drift Protocol, a leading perpetual exchange in the network, surged by over 127%, reaching a record high. This surge brought its total market cap to over $485 million. Analyst cited news that the network was offering 75% discount on Solana perpetual futures.
Helium Mobile (MOBILE) was the other top-performing Solana token, which surged by over 33%. Marinade Finance and Orca tokens jumped by double digits as well.
This rally happened as the volume in Solana DEX networks jumped by over 11% to over $14.2 billion, crossing Ethereum’s $13 billion. The most active Solana DEX networks were Raydium, Orca, Phoenix, and Lifinity.
Notably, Solana’s jump happened even as most meme coins in its ecosystem struggled. Dogwifhat rose by just 1% in the last 24 hours, while Popcat, Bonk, Cat in a dogs world, and Goatseus Maximus dropped by as much as 7%. The total market cap of all Solana meme coins retreated to $12.9 billion.
Solana has some of the best fundamental metrics in the cryptocurrency industry, something that analysts attribute to its low transaction costs and fast transaction speeds.
Analysts are bullish on SOL price
Crypto analysts are bullish on Solana, which they believe will continue doing well in the long term.
From a macro level, the token will benefit from Donald Trump’s victory. In his campaign, Trump committed to implement some of the best crypto policies to ensure that the industry growth continues.
Besides, Trump has a skin in the game since he owns a crypto portfolio worth over $6 million. He is also implementing a token sale for the World Liberty Financial, which he hopes will become the biggest alternative to AAVE and JustLend.
At the same time, the Federal Reserve is cutting interest rates, a move that will make high-risk assets like Solana valuable.
In an X post, a trader known as Elja, wh has over 600k followers, noted that the Solana price would likely have a strong bullish breakout in the coming months.
Once $SOL breaks above this resistance level, real Memeseason will start 🚀
Which SOL #memecoin are you holding in your portfolio?
7:24 AM · Nov 9, 2024
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Solana price could surge to $500
SOL chart by TradingView
The daily chart shows that the SOL price has been in a strong bull run in the past few days. It made a golden cross in November last year and has constantly remained above the 50-day and 200-day moving averages.
Solana has also moved above the first support of the Andrew’s pitchfork tool. Most importantly, it has jumped above the key resistance level at $193, its highest swing on June 29.
Oscillators are also highly bullish as the Relative Strength Index (RSI) and the MACD indicators have pointed upwards. Therefore, the token will likely continue soaring in the coming months.
I believe that the coin could surge by 150% and reach the important resistance point at $500 as some analysts predict.
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