Solana (SOL) has once again captured the spotlight in the cryptocurrency market, surging 18.8% in the last 24 hours to hit a new all-time high. While most top 10 cryptocurrencies (excluding stablecoins) posted gains of less than 5%, Solana’s performance stood out, fueled by the frenzy surrounding the Trump-backed memecoin, TRUMP.
The recent surge in Solana’s price can be attributed to several factors:
Analysts are optimistic about Solana’s future trajectory. Using Fibonacci retracement levels, the next price targets for SOL are set at 331.9 and 373.6. The Relative Strength Index (RSI) is in overbought territory, indicating strong buying pressure, while the Chaikin Money Flow (CMF) has reached levels not seen since March 2024, underscoring the bullish momentum.
The 3-month liquidation heatmap reveals that major liquidity pockets above 300 have been cleared, With Bitcoin (BTC) stabilizing around 105,000, Solana has ample room to push higher, potentially breaching the $400 mark in the coming weeks.
Market experts believe Solana’s rally is far from over. The combination of memecoin-driven demand, technical strength, and growing institutional interest positions SOL as one of the top-performing altcoins in this cycle.
The post Solana (SOL) Hits New All-Time High: Can It Reach $370 Amid Memecoin Mania? appeared first on Cryptos Newss.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.