Breaking record: Solana price rises 5%, reaches US$175, and sets new highs in the crypto market
Crypto News: Solana’s price has experienced a significant surge, driven by a strong wave of buying sentiment within the cryptocurrency market. Particularly noteworthy is the price increase on March 14, where SOL saw a notable jump of around 6.70% to reach US$174, marking its highest level since January 2022. This performance stands out as Solana outperformed the broader crypto market, which experienced a 0.25% decline on the same day.
Memecoin Mania Boosts Solana Network Activity
The recent increase in Solana’s value and significant gains over the past day align with the excitement surrounding its associated memecoin project, Dogewhatif (WIF). Notably, WIF supporters exceeded expectations by raising US$700,000, surpassing their initial target of US$50,000. These funds will be utilized to showcase the token’s logo on the Las Vegas sphere. Following this campaign, Dogwifhat’s (WIF) price surged by 25%, reaching a new high of over US$3 and achieving a market cap of US$3 billion.
Interestingly, Solana’s price began to climb shortly after the announcement of the Dogwifhat campaign on March 10. Since then, SOL’s price has increased by more than 24%, gaining momentum notably after the successful WIF crowdfunding initiative.
Solana’s bullish investors have recently shown a positive response to the introduction of memecoin projects on its blockchain. A recent report by Franklin Templeton highlighted that the network attracted a significant portion of activity from all active addresses during the period when its native memecoin, BONK, experienced a price surge in Q4/2023. These developments fuel speculation regarding the potential rise in demand for SOL as the Solana platform witnesses increased activity through decentralized applications (DApps) and transactions.
Furthermore, Solana’s recent data indicates a rise in network activity. As of March 14, the total-value-locked (TVL) within the Solana network stood at 23.07 million SOL, marking the highest level since December 2022.
Investors are observed to be engaging in capital rotation away from Bitcoin, as evidenced by the significant movement in the SOL/BTC pair. Following a local low of 0.0017 BTC earlier this month, the pair surged by 32.45%, including a 6.60% increase on March 14. This trend indicates a shift in capital allocation, with investors moving funds from the Bitcoin market to find security in Solana.
Bitcoin has already experienced a 65% rally year-to-date, leading to its daily relative strength index (RSI) signaling overbought conditions. Consequently, traders may perceive Bitcoin as carrying higher risk compared to altcoins that have yet to catch up. In contrast, altcoins like Solana and XRP have recently displayed relatively lower RSI readings, suggesting a more balanced market sentiment towards these assets.
Price Analysis of Solana
Solana’s Relative Strength Index (RSI) reading currently sits in the overbought zone following the recent rally, potentially indicating a need for a price correction before achieving its technical upside targets. SOL’s RSI is recorded at 63.65, with a support level of US$169 and a resistance level of US$178. The moving averages point towards a bullish trend, with the majority of short and long-term averages suggesting a ‘Buy’ stance. Oscillators, responsible for predicting momentum, are mostly neutral but do display some ‘Buy’ signals. Pivot points, utilized for identifying potential support and resistance levels, exhibit variations across different timeframes.
Price Prediction of Solana
The Solana price predicted for 2025, according to Coincodex, is presently expected to range from US$ 185.98 on the lower end to US$ 907.39 on the higher end. If SOL meets the higher pricing objective, Solana’s price might increase by 430.39% by 2025. Right now, the range of the Solana price projection for 2030 is US$ 500.94 at the low end and US$ 812.23 at the high end. If Solana hits the higher price target, its price might increase by 374.77% by 2030.
Benzinga predicts that Solana (SOL) has some bullish price projections for the future. Price-wise, a peak of US$516.64 is anticipated for Solana in 2025. Experts estimate that Solana’s worth may reach around US$5056 by 2030.
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