- At the time of writing, SOL is trading at $134.41, up 8.91% in the last 24 hours.
- After severe downtrend, the SOL price found support at $114 level and has since witnessed a brief uptick.
The price of Solana has declined by nearly 50% since its January high, when Donald Trump’s meme coin was introduced, due to the network’s transaction volumes and fees being affected by the meme coin winter.
Since reaching its high in December of last year, the market cap of meme coins has decreased by 65.2%, and the price of most assets in this category has dropped to levels seen before the election or even lower.
Because of the large number of transactions they facilitate, meme coins play a crucial role in the Solana ecosystem. Having said that, the majority of these assets have seen substantial declines since the beginning of the year.
Bulls Striving Hard
At the time of writing, SOL is trading at $134.41, up 8.91% in the last 24 hours as per data from CMC. Moreover, the trading volume is up 9.75%. The price surge follows general uptick in the overall crypto market with Bitcoin regaining the $84k mark. Despite the recent uptick, the SOL price is still down 4.15% in the last 7 days.
After severe downtrend, the SOL price found support at $114 level and has since witnessed a brief uptick. The pace of SOL is increasing on the hourly chart after a breach of the $130 local barrier. It is still too soon to tell whether the recent price respite for Solana represents a sustained bounce or just a pump.
The uptrend should likely extend to the $140 region, if the bulls can maintain their newly-won advantage. Breaking above $140 level should likely propel the SOL price towards $153 resistance level. However, if the price falls below the $124 mark, then it will likely retest $114 support level.
