Solana (SOL) has experienced notable growth this week, trading around $154.59 after hitting an intra-day high of $156.43. The broader cryptocurrency market is showing signs of recovery, with major coins reversing prior losses. Bitcoin (BTC) remains strong above the $68,000 level, while altcoins like Ethereum (ETH), Solana (SOL), and XRP are trading in positive territory. The global cryptocurrency market capitalization has risen by 0.8%, reaching $2.35 trillion.
Crypto Market Gains Momentum
Bitcoin (BTC) continues to hold steady above the $68,000 mark, while other altcoins, including Ethereum (ETH), Solana (SOL), and XRP, are all experiencing gains. This recent market stability signals renewed optimism among investors.
A surge in demand for memecoins has also contributed to the increased activity on the Solana network, boosting its total value locked (TVL). As a result, SOL is poised for further price increases, with the potential to reach $180 if momentum persists. Rising interest and trading volumes are key drivers of this bullish outlook.
Solana’s Price Boosted by Memecoin Craze
Solana’s native token, SOL, has gained 12.1% from October 11 to October 18, currently trading at $154.52. This increase is largely driven by the growing demand for memecoins, which has boosted network activity, fees, and total value locked (TVL). Although memecoins remain speculative, their popularity is adding significant momentum to SOL’s price.
In particular, social media posts promoting memecoins like Goatseus Maximus (GOAT) have gone viral, with GOAT reaching a $400 million market cap in just one week. This increase in network activity has pushed Solana’s TVL to a two-year high of nearly 41 million SOL, reflecting a 13% month-over-month growth. In comparison, Ethereum’s TVL has remained flat.
Solana has also outperformed Ethereum in decentralized exchange (DEX) volumes, recording a 43% increase and reaching $11.16 billion in volume. With strong network performance and growth in emerging sectors such as AI and gaming, SOL could realistically approach the $180 mark.
Solana Price Analysis: Targeting $180
On the technical front, Solana (SOL) continues to show bullish momentum. After bouncing off the 50% Fibonacci retracement level at $147.51, SOL has resumed its upward trend, successfully breaking past the 23.6% Fibonacci level at $153.88, which now acts as key support.
If Solana holds above this support, the next target lies at $158.33. A successful breakout could open the door to testing the resistance level at $165. Technical indicators are also pointing toward continued gains. The 50-period Exponential Moving Average (EMA) is providing strong support at $151.33, while the Relative Strength Index (RSI) is at 55, indicating steady buying pressure.
If the current bullish trend continues, SOL could potentially rally beyond $165, with a broader target of $180 in sight.
Crypto All-Stars Presale Nears $2.6M Amid Bitcoin Momentum
As Bitcoin continues to gain traction globally, Crypto All-Stars is approaching a significant milestone in its presale, with $2.44 million raised out of a $2.62 million target. The growing interest in Bitcoin adoption is driving investor enthusiasm for Crypto All-Stars. The presale has gained momentum, with $730,000 raised in just one week, and investors are eagerly buying into $STARS before the price increases.
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