Key Insights:
- SOL targeted zones above $220 if it broke above the broadening falling wedge pattern.
- Despite being solely on Solana, Jupiter Exchange surpassed all multichain aggregators combined in weekly volume.
- The return of the Solana meme coins frenzy could indicate a continued price surge for SOL.
A Solana price prediction analysis indicated a potential recovery to $200 soon. This depends on the momentum sustaining its strength.
Solana Price Prediction Analysis
Solana price rebounded from the lower support of a spreading falling wedge. This recovery lifted its price from a short-term low of $168 to $177.48.
SOL formed higher lows while retesting the wedge’s top at $180. The visible wedge on the 2-hour chart signaled consolidation. The bullish trend higher would be verified if the breakthrough is confirmed over the $182–$184 resistance zone.
Solana price prediction indicates a potential climb to $220 or beyond. The bullish ascending pattern in the chart supports this optimistic outlook.
However, if the Solana price could not break this region, it might return to the lower trendline at $172. A breakdown below that level would cancel the bullish setup and pave the way to the $160 open.
Confirmation of the volume upwards and a candle close above $184 would be crucial for a bullish confirmation. The overall pattern continued after the consolidation area at the $150-$160 area was violated recently.
The price pattern indicated that bulls were attempting to regain control but needed to keep up the momentum. The wedge pattern will fully confirm if $184 turns into a support level.
This could drive Solana toward the short-term target of $220–$225. Unable to succeed at this point, though, might postpone the move.
Solana’s DEX Aggregator Leading
Jupiter Exchange secured the top spot among DEX aggregators by trading the highest volume. It captured 72.9% of the market share, handling $22.17 billion in weekly trades.
Despite operating only on Solana, this suggests a Solana price prediction could be headed towards levels above $200.
This number exceeded the combined deltas of multichain rivals such as CoWSwap. It had $1.95B, a 3.82% rise, ODOS with $1.27B, a 2.63% spike. Additionally, KyberSwap had $1.24B with a 2.41% gain, and 1inch at $2.48B with a 5.37% increase.
The pre-eminence of an SOL-only aggregator was a sign of growing on-chain activity and liquidity concentration in the chain. It might help maintain bullish sentiment. If Solana’s momentum continues, its price could rise as traders and protocols join its ecosystem.
However, growth might slow due to increasing competition. Market rotation could shift investor interest away from Solana. Breakdowns in protocols could also hinder its expansion.
How Will Solana’s Renewed Meme Coin Frenzy Affect SOL Price?
Solana memecoins saw a sudden recovery, with traders like Pow turning $367K into $2.7M in three months. His 17.66M LAUNCHCOIN, which had lost 99% of its value, surged back.
The rally coincided with LAUNCHCOIN’s market cap breakout to $150M. This rebound signaled renewed speculative interest in the Solana ecosystem.
Such actions were an example of individual success stories and indications of increasing liquidity and risk-on behaviour amongst Solana-based assets. As demand for memecoins increases, this may trigger activity and fees on-chain, which are fundamentals for SOL’s valuation.
Solana’s meme narrative could attract more users and capital as the volatility is still high. Nevertheless, the question of the sustainability of these rallies was not straightforward.