Breaking News
Get 50% Off 0
🚀 June’s AI-picked stocks soar, with Adobe +18.1% in 11 days. Don’t miss July’s upcoming picks. Unlock full list

Solana (SOL) Soars 25% in May, Fueled by Meme Coin Mania

Published May 17, 2024 14:17 Updated May 17, 2024 18:00
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
Solana (SOL) Soars 25% in May, Fueled by Meme Coin Mania
 
SOL/USD
-3.91%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
GME
-2.06%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

The News Crypto -

  • Solana (SOL) price hit a 35-day peak of $170 on May 17, up 25% for the month.
  • The GameStop (NYSE:GME) saga has triggered a surge in demand for Solana-hosted meme coins like Dogwifhat (WIF) and BONK.
  • Solana trading volume has surged by $2.7 billion between May 12 and May 17.

Solana, the prominent blockchain platform, has emerged as the top-performing asset among the top 10 cryptocurrencies by market capitalization this week. The resurgence of the GameStop saga has sparked a renewed interest in meme coins, causing investors to flock towards prominent Solana-hosted meme projects such as Dogwifhat (WIF) and BONK.

This sudden surge in native meme coin demand has inadvertently led to an increased demand for SOL, Solana’s native cryptocurrency. As a result, Solana’s price has skyrocketed by 22% since the GameStop rally began on May 14. At the time of writing on May 17, SOL is trading at $166, representing a remarkable 44% increase for the month.

Interestingly, a closer examination of the daily price charts of WIF (39.5%) and BONK (+26%) reveals that Solana’s top two largest meme projects have also experienced significant double-digit gains in May 2024.

SOL Trading Volume Surge Amid Meme coin Frenzy

In recent months, periods of heightened meme coin demand have often triggered substantial SOL price surges, as it essentially boosts Solana network activity. This bullish phenomenon appears to have resurfaced this week.

According to Santiment’s Trading Volume chart, which records the dollar value of all transactions involving SOL during a 24-hour period, Solana’s trading volume reached a monthly low of 936.5 million on May 12. However, since the beginning of the week, Solana has witnessed a considerable uptick in trading activity.

Further intensified by the GameStop-inspired memecoin craze, Solana’s trading volume has already surpassed the $3.61 billion mark at midday on May 17. This reflects an astonishing $2.7 billion surge in trading volume between May 12 and May 17.

Solana Price Forecast: $200 Target (NYSE:TGT) on the Horizon

SOL price has gained significant bullish momentum this month, soaring 44% from $126 to a 35-day peak of $170 on May 17. The $2.7 billion surge in trading volume this week suggests that SOL price is poised for another breakout towards the $200 mark in the days ahead.

However, looking at the daily price chart, the $180 area represents a critical short-term resistance level to watch.

This article was originally published on thenewscrypto.com

Solana (SOL) Soars 25% in May, Fueled by Meme Coin Mania
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email