After dropping to a 13-month low earlier this week, Solana’s price has rebounded as several well-known meme coins within its ecosystem have also recovered.
On Saturday, Solana (SOL) climbed to $125, marking a more than 30% increase from its lowest point this year and elevating its market capitalization to over $64 billion.
This ongoing recovery can be attributed in part to the impressive performance of certain tokens in its ecosystem. Fartcoin (FARTCOIN) has surged by over 81% in the past week, while Popcat (POPCAT) has risen by 57%.
Other standout tokens within the Solana network include Gigachat, Goatseus Maximus, Fartboy, and Vine. Their resurgence has collectively boosted the market capitalization of all Solana meme coins to over $7.02 billion.
Moreover, Solana’s decentralized exchange ecosystem has shown strong performance, with its protocols processing more than $14 billion in the past week and $46 billion over the last thirty days. A significant portion of this trading volume came from Orca, Raydium, and Pump.
According to data, Solana completed over 350 million transactions in the last week, positioning it among the most active chains in the cryptocurrency market. This figure represents a 4.8% increase from the previous week. Additionally, the number of active addresses surged by 15% to exceed 28.13 million.
Technical Analysis of Solana’s Price
Technical indicators suggest that an uptrend for SOL may be on the horizon after it has formed a falling wedge pattern. This pattern consists of two downward-sloping, converging trendlines and is often considered a bullish reversal signal.
The two lines conjoin at a crucial support level that the price has managed to maintain since last year. Additionally, both the Relative Strength Index and the MACD indicators have shown positive momentum this week.
Consequently, the coin is likely to experience a significant bullish breakout. A notable price target to keep an eye on is $150, which is about 20% above the current value. However, if the price falls below the critical support level of $110, it could invalidate this optimistic perspective.