🔥Market-Wide Recovery Lifts Solana🔥
Solana (SOL) is benefiting from a general recovery across the cryptocurrency market. Bitcoin’s daily gains of 1.6% have positively influenced altcoins, with SOL up by more than 4% in the last 24 hours.
Memecoin Frenzy Fuels Demand
The rise of memecoins within the Solana ecosystem has played a pivotal role in SOL’s price increase. Popular tokens like Dogwifhat (WIF), Bonk (BONK), and Popcat (POPCAT) have seen substantial gains, leading to a surge in demand for SOL tokens.
Onchain Activity Boosts Solana’s Growth
Onchain data shows a sharp uptick in user activity within the Solana ecosystem. The number of daily transactions surged by 29% recently, and over 40,000 new tokens were created, signaling a strong rise in user interaction and network utilization.
Network Revenues and TVL on the Rise
Solana’s daily network revenues have increased significantly, with a 70.6% jump over the past few days. The total value locked (TVL) in Solana has risen 33% in October, further boosting the platform’s growth and positively impacting SOL’s price.
SOL Targets $200 Amid Bullish Setup
From a technical standpoint, SOL has broken out of an ascending triangle pattern, setting its sights on a potential target of $200. However, with the relative strength index showing overbought conditions, a short-term pullback could occur, with key support at $163 and $150.
