Solana price is on track to have its second-best month on record, helped by the ongoing cryptocurrency rally and its robust ecosystem. The SOL token has jumped by over 40% this month and is sitting near its all-time high. It has jumped by 3,045% from its lowest point in 2023.
Solana price has soared as ecosystem booms
The Solana ecosystem is booming, helped by its vibrant meme coin network. Data shows that Solana meme coins have accumulated over $20.7 billion in market cap. Bonk is still the biggest player in the ecosystem and is followed by Dogwifhat, Popcat, Peanut the Squirrel, and Cat in a dogs world.
Tens of new Solana meme coins are coming to the market each day. The breakout star of this week was Just a Chill Guy (CHILLGUY), which has accumulated a market cap of more than $593 million. Its 24-hour volume was over $400 million.
Solana has become the biggest player in the DEX industry this month. Its DEX networks handled tokens worth over $123 billion, almost twice what Ethereum handled in the same period.
The number of active Solana addresses in the past 24 hours stood at over 6.5 million, the highest level on record. Its fees collected in the same period was $7.29 million. As a result, the fees collected this year has jumped to over $606 million.
This fees typically goes to validators, who help to secure the network. Data shows that Solana’s staking reward has jumped to 6.43%, making it higher than Ethereum’s 3.4%. The total staking market cap is $96 billion equivalent to 65% of the total amount.
SOL price prediction
The weekly chart shows that the SOL token price has been in a strong bull run in the past few weeks. It has recently moved above the key resistance level at $210, its highest level on March 18. This was the upper side of a small cup and handle pattern that formed between March and November.
Solana has now retested its all-time high of $260, the upper side of the larger cup and handle pattern. Therefore, by measuring the distance of the cup, we see it is about 100%. This means that the coin could soon rebound to $500 in the coming months.
Oscillators are bullish for the coin as the Relative Strength Index (RSI) and the MACD indicators have pointed upwards. The Market Value to Relative Value (MVRV) indicator has also pointed downwards and is below 3, meaning that the bullish rally will continue.
