Solana Price Soars Past $180 – Could This New SOL Token Explode Next?
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A wave of excitement has swept the crypto market today, pushing Solana’s price past $180 for the first time in over one month.
Does this mark the beginning of Solana’s next leg-up in the crypto bull run?
SOL Price Booms as Ecosystem Heats Up
Solana’s weekly performance has been the strongest among large-cap cryptos, fueled by ecosystem narratives heating up.
SOL is currently trading at $182, up 2.6% today, 26% this week, and 20.5% this month. It holds a market cap of $81 billion and a 24-hour trading volume of $4.9 billion, up 77% today.
Today’s price action marks an underperformance against the total crypto market cap, which is up 6.8%.
This is due to a renewed interest in ETH, as a Bloomberg analyst reports the likelihood of Ethereum spot ETF approvals has increased.
However, SOL’s 26% weekly uptick has outpaced all other top 10 cryptocurrencies.
Rising ecosystem activity interest has enabled this growth, with its leading wallet, Phantom, reaching the third highest spot in Apple’s App Store “utility” section on Monday.
On the back of Solana’s recent upswing, analyst Trading Lord noted that Solana is “turning bullish again” and highlighted that it recently bounced from a trend line support, laying the way for further upside.
Meanwhile, prominent Solana community member Ansem anticipates that Solana will reach its ATH by the end of May.
The analyst underscored that SOL is primed to breakout following a lengthy consolidation period and says explosive upswings often follow.
$SOL & $WIF going to ATHs by end of the month, will coincide w/ ending of ~3 month period of bullish consolidation after last leg up, also in line w/ $BTC bullishness
— Ansem
consolidation-> expansion [@conzimp] pic.twitter.com/fDSwzDOVVs(@blknoiz06) May 20, 2024
Ansem also speculated that Dogwifhat will forge a new ATH this month, reflecting the steadfast interest in Solana ecosystem tokens.
As per CoinGecko data, the Solana meme coin ecosystem has seen an impressive 14.2% market cap gain today.
Bonk has fared as a top performer among the large-cap meme coins, up 19%.
Meanwhile, on the emerging token front, the presale project Sealana is thriving, having surpassed the $2.2 million total raised milestone, with 800K coming in the last four days. Could this be the next big Solana meme coin?
New SOL Presale to Watch: Will $SEAL Explode Like BOME, SLERF, and SLOTH?
The Solana presale circuit has birthed some of the ecosystem’s most notorious plays like Book of Meme and Slerf, but the newly launched Sealana could be next in line to explode.
Sealana’s presale remains ongoing, enabling investors to buy in before it launches on exchanges.
Book of Meme kickstarted the Solana presale trend when it became the fastest crypto to reach a $1 billion market cap, just two days after launching.
Slerf also saw massive success after its presale, overtaking Ethereum in 24-hour trading volume at one point. Then, Slothana launched and provided presale investors with 5x gains at its peak.
But while following in the tracks of these presales, Sealana offers a fresh, witty, and culturally resonant alternative.
It features subtle South Park references, and its website explains that Sealana is a seal who lives in his mom’s basement, where he trades meme coins, hoping to make enough cash to buy a Lambo.
This outlandish backstory hits home for many retail traders, so it is no surprise that Sealana is amassing interest. Alongside its accelerating presale success, its social media metrics are also soaring.
The Sealana X account currently boasts 4.9K followers and its Telegram channel has 4.8K members.
However, the team has not announced a presale hard cap. This means the campaign could end at any time, so potential investors should act fast.
