The Solana ecosystem is brewing as the market cap has surged by over 200% since the start of the year. The rise of the memecoin craze in the markets is the primary reason for the extraordinary performance. Apart from Solana, dogwifhat (WIF) & POPCAT are among the top-performing tokens within the ecosystem. The recently launched memecoin Goatseus Maximus (GOAT) has been attracting huge attention from the market participants.
The growing ecosystem of Solana is marking new highs every new day. The SOL/ETH ratio has just hit a high of 0.069, highlighting the growing dominance in the crypto space. Besides, the DEX volumes on the Solana blockchain have been consistently rising over $2 billion per day, which has even surpassed the pioneer Ethereum blockchain. On the other hand, Ethereum’s TVL has remained largely flat while the Solana chain managed to keep up the upward trajectory.
As per the latest data shared by SolanaFloor, the daily priority fee has hit a new all-time high of 24,675.
With this, the SOL price surged above $175 and also reclaimed the $80 billion market capitalization, while the volume has also soared above $4 billion. On the other hand, the open interest on SOL futures has surged over $3 billion or 18 million SOL, accumulating over $3 million in the past four days alone. Currently, the bulls have geared up and seem to be preparing for the next bullish push as the price is testing one of the crucial resistances.
As seen in the above chart, the price is testing the upper resistance of the rising wedge, which also combines with the descending trend line. At this stage, the bulls are required to show some strength that may invalidate the outcome of a rising wedge. However, the price may face some pullback and in such cases, the trend line could offer a strong base, preventing excessive pullback.
Besides, the RSI appears to be reciprocating a previous trend by rising from the bottom to reach the upper threshold. Hence, the price may experience a small pullback after surpassing the crucial resistance. However, the Solana price is expected to find the base and trigger a smooth rebound that could help the price surpass the deciding resistance at $180.
Once the Solana (SOL) price rally settles above these levels withstanding the bearish pressures, a rise above $200 appears imminent. With this, a new ATH may be imminent before the end of 2024.
