Solana (SOL) is back in the spotlight after breaking a crucial resistance level, fueled by a surge in meme coins and a record-breaking stablecoin market cap within its ecosystem.
On Saturday, Solana climbed to $153 — its highest price since March 3 — marking an impressive 60% rebound from its lowest point this year. With this strong rally, Solana’s market capitalization has now approached the $80 billion milestone.
A major driver behind this upswing is the explosive growth of meme coins built on the Solana blockchain. The collective market cap of Solana’s meme coins skyrocketed to $10 billion, a sharp $4 billion increase from this month’s low.
Popular tokens like Official Trump, Bonk (BONK), Dogwifhat, and Pudgy Penguins have all surged over 60% in the past week.
Notably, three Solana-based meme coins — TRUMP, Bonk, and Fartcoin — have individually crossed the $1 billion market cap threshold. Much of this momentum was sparked by Fartcoin, which itself soared by nearly 500% from its monthly lows.
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Adding more excitement to the scene, former President Donald Trump reportedly invited top investors of the TRUMP meme coin to a special dinner in May, further fueling investor enthusiasm and media buzz.
This meme coin frenzy has significantly benefited decentralized exchanges (DEXs) operating within the Solana ecosystem. Platforms like Raydium and Orca have collectively handled more than $17 billion in trading volume over the past seven days — a clear sign of revived activity and growing liquidity.
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Meanwhile, Solana’s stablecoin market cap has also shattered previous records, reaching $13.1 billion. Network usage is booming too, with the number of active addresses soaring to 3.1 million, indicating robust user engagement.
From a technical perspective, Solana’s recent price action looks promising. The SOL token found a bottom at $95.27 earlier this month amid broader concerns about the ecosystem but has since staged a strong comeback.
It broke through the critical resistance level at $121.17 — a key support area since September last year — and formed an inverse head-and-shoulders pattern, a bullish technical indicator.
Furthermore, Solana has moved above its 50-day moving average, signaling a potential shift to a longer-term uptrend. Momentum indicators like the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) have also continued trending higher.
Additionally, the price has now crossed above the 23.6% Fibonacci Retracement level, reinforcing the bullish sentiment. Looking ahead, analysts expect Solana to continue its upward momentum, with a potential target of the $200 psychological level — around 32% higher from its current price.
With surging meme coin activity, record-breaking stablecoin growth, and strong technical indicators, Solana is once again capturing the crypto market’s attention and could be poised for even bigger gains in the near future.
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