- According to analysts, SOL could rebound amid the new memecoin craze on the chain.
- However, SOL was in a key near-term supply zone at press time. Will it be erased?
New memecoin speculation Solana (SUN) It can increase the long-term value of altcoins.
Ryan Watkins, co-founder of cryptocurrency VC firm Syncracy Capital and former Messari researcher, argued that Solana’s memecoin moat could boost its upside, citing the recent craze surrounding the AI-generated GOAT token. that stated,
“I don’t really care if memecoins are a new religion or if AI agents actually start an on-chain cult. All I know is that all roads lead back to $SOL.”
Solana’s Memecoin Mania
To back up his claim, executives noted that the chain has been a hotbed of ‘every speculative experiment this cycle.’ obvious On Raydium, a Solana-based decentralized exchange (DEX)
DEX recently achieved its highest ever market share (72%) amid the meme coin craze that started again this week.
“It is also worth noting that Raydium, the leading DEX where memecoins are traded on Solana, hit a record high in market share this week.”
Source: X
Interestingly, according to Kaito data: chlorine It further strengthened its role in attracting attention this week, taking first place in mindshare among meme coins.
During the same period, it had nearly 12% mindshare compared to other vendors, with Dogecoin (DOGE) being its closest rival.
Source: Kaito
Another market analyst, Gumshoe, shared Watkins’ sentiments and noted SOL’s outstanding performance over the weekend. that stated,
“On-chain obsolescence is occurring at Solana, and the market will soon begin pricing in a paradigm shift.”
Source: Santiment
Santiment’s data supported the above prediction, as sentiment on SOL was relatively positive last week.
However, it is not known whether the positive sentiment is related to the Bitcoin (BTC) rally or a renewed meme coin craze.
At press time, SOL was hovering around $160, which is the intermediate level and bearish order block (OB). Simply put, the area, if cleared, could become a major supply area for: push SOL rises to $180 in the near term.
However, price rejection in the supply zone could still push the altcoin down to the 50-day exponential moving average (EMA) of $147 or return to lows.
Source: SOLUSDT, TradingView