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30 May 2024
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Ethereum

Solana Price: How Will May Fare For SOL?

Solana has lately been outpacing big-league crypto tokens. The token’s value is currently being driven by the rife meme coin activity that the SOL ecosystem has been documenting as of late. The booming meme coin frenzy has taken SOL to new price highs, making it one of the most noteworthy crypto coins to interact with this season. 

Also Read: Solana Reclaims $150: How High Can SOL Trade This Week?

SOL Outpaces Competitors 

Source: Decrypt

Per Solana Floor, Solana has emerged as one of the top crypto tokens of the season, outpacing its contemporaries in the evergreen race. The crypto has noted an impeccable rise in its on-chain trading volume in the last 24 hours, surging by $1.70 billion. The swelling levels have holistically been driven by meme coin mania, which has taken Solana to touch new highs. 

At the same time, Solana is also pioneering other ecosystem verticals. The token’s NFT realm has also noted a notable spike in metrics. Solana has surpassed all other chains in terms of weekly NFT adoption numbers, indicating that the chain is here to stay for a long. 

“ BREAKING BIG: @solana Surpasses All Other Chains Combined in Weekly NFT Blockchain User Adoption. Dominance: 51%. Blockchain Users: 134K.”

Solana May Forecast

Per CoinCodex, a notable crypto analytics platform, SOL may note a significant spike by this month’s end, pushing its price to $170. 

“According to our current SOL price prediction, the price of SOL is predicted to rise by 14.53% and reach $170.03 by June 12, 2024. Per our technical indicators, the current sentiment is bullish, while the Fear & Greed Index is showing 57 (greed). SOL recorded 12/30 (40%) green days with 5.06% price volatility over the last 30 days.”

However, according to Coinpedia, Solana could claim an all-time high, spiking to nearly $200 this month. 

Also Read: Solana Forms Rounding Bottom Pattern: SOL Predicted To Break ATH

“…the rebound offers an excellent opportunity for dip-buying among sideline traders. Moreover, the highly anticipated post-halving rally could propel the SOL price to $250 in the coming weeks.”

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