Solana (SOL) has gone up by 19.5% in the past 30 days as the market’s overall recovery, along with the outstanding performance of a handful of meme coins, has ignited a strong rally.
Data from CoinGecko shows that Solana meme coins currently have a combined market value of $13.5 billion, accounting for nearly a fifth of the entire category’s market cap.
Tokens like Pudgy Penguins (PENGU) and dogwifhat (WIF) are among the best-performing assets in this segment lately as the recent rally triggered a short squeeze of epic proportions.
Meanwhile, a newcomer named Fartcoin (FARTCOIN) disrupted the market’s bearish sentiment and jumped to the third spot of the most valuable meme coins in this blockchain and is just $200 million away from displacing Bonk (BONK) in the second place.
Decentralized exchanges (DEX) within the Solana network have benefited from this trend. According to data from DeFi Llama, Pump.fun saw a 5.3% weekly increase in its trading volumes.
Meanwhile, monthly DEX volumes have been recovering and rising since March, moving from $52.6 billion by then to nearly $86 billion just three days ahead of May’s end.
Tokens like FARTCOIN are typically traded through DEXs like Orca, Raydium, and PumpSwap. These exchanges charge a trading fee in SOL. As volumes increase, the demand for the blockchain’s native asset increase as well.
Solana Could Rise to $267 After Bullish EMA Crossover
Looking at SOL’s daily chart, a strong buy signal has popped up that could precede a significant price increase over the next few weeks.
A bullish crossover between the 21-day exponential moving average (EMA) and the 200-day EMA – a technical signal known as a golden cross – could predict significant upside potential ahead for the token.
These moving averages typically indicate the direction and strength of the price trend. A bullish EMA crossover like this indicates that the short-term price trend is rising at a faster pace than the long-term trend.
This is interpreted as a sign that momentum is building up and usually translates into higher prices in the near term.
The Relative Strength Index (RSI) still indicates that the uptrend is strong, as it stands at 61. Although it has declined from its highest point, as long as it is above 50 and pointing upwards, it supports a bullish outlook.
The last time that a bullish EMA crossover like this occurred, the price of SOL rose by nearly 70% in just a couple of months. This means that a short-term price target could be set for the token at $267 based on where the ‘golden cross’ occurred this time.
Meanwhile, as the Solana ecosystem continues to grow, dealing with the network’s congestion issues will be key to ensure that developers will continue to turn to this blockchain to develop new applications and mint new assets.
One of the most promising crypto presales of this year, Solaxy (SOLX), will soon launch its layer-two scaling solution for Solana and you still have time to invest in this project at this early stage to reap the highest returns once it starts to gain traction.
Solaxy (SOLX) Enters Late Stage of Its Presale with More Than $40M Raised
Solaxy (SOLX) aims to fix the congestion issues that have affected Solana’s efficiency during peak usage periods.
The project achieves this through a layer-two side chain that bundles transactions offline before sending them to the mainnet to alleviate the latter’s burden.
Solaxy has already launched its L2’s testnet along with a block explorer that investors can use to analyze the solution’s performance at this stage.
Thus far, the results have been satisfactory. As the utility token of this L2, $SOLX will experience significant demand and its price will likely explode once Solaxy is adopted by top wallets and exchanges.
To buy $SOLX at its heavily discounted presale price before the event ends, head to the Solaxy website and connect your wallet. You can either swap USDT or SOL for this token or use a bank card to make your investment.
