Solana Price Sees Gains as WIF, BONK, and POPCAT Meme Coins Surge
The Solana price has dipped by 0.5% in the past 24 hours, although its current level of $145 also marks a 4% gain in a week.
SOL is flat in the past month, but retains a healthy 485% increase in the last 12 months, making it one of the best-performing top-100 coins of this period.
Much of its performance stems from its status as the layer-one blockchain of choice for meme coins, with Solana-based tokens WIF, BONK and POPCAT all enjoying strong increase in the past week.
And with transaction volume remaining high on Solana, we can expect SOL to continue performing well over the medium- and long-term.
After suffering a noticeable dip late on Sunday night, SOL has been regaining some momentum and is still in a position where it could continue recovering over the next one or two days.
Its relative strength index (purple) has risen from under 20 on Sunday night to around 50 as of writing, a position which is consistent with either gains or falls.
That said, the alt’s 30-period moving average (orange) has reached what looks like a bottom in relation to the 200-period average (blue), a sign that the token should be recovering in the very near future.
One other encouraging sign is that Solana’s trading volume is at $4.1 billion today, although whales have been mostly selling the coin in recent weeks and months, taking advantage of recent rallies.
A whale sold 594K $SOL($86M) this year!
Since Jan 15, this whale has deposited 594K $SOL($86M) to #Coinbase, #Binance, and #OKX, averaging one sale per week.
The last sale was 16 hours ago.https://t.co/v6mJegPKCa pic.twitter.com/5CU24VPvtt
Yet it’s very likely that the Solana price will make a comeback before long, with the aforementioned meme tokens helping to underline why Solana is one of the
Read more on cryptonews.com
