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Solana rose 35% in the last week, pushing prices to $130 on March 1, the highest level in almost two years. While analysts have many different theories to explain the surge, including the success of Solana-based meme coins like WIF, investors have been more interested in determining the longevity of this latest price surge.&nbsp;
Meanwhile, news that <a href="https://galaxyfox.io/?utm_source=web&amp;utm_medium=pr&amp;utm_campaign=crypto.news&amp;utm_content=105" rel="noopener noreferrer nofollow">GFOX</a> had sold over 97% of its allocated presale tokens has drawn even more interest from investors.
<h2 class="wp-block-heading" id="can-solana-bulls-sustain-rally">Can Solana bulls sustain rally?</h2>
Solana offers swift transaction speed and low fees.
The network supports smart contracts, allowing the deployment of dapps and minting of NFTs.
Moreover, its proof-of-history (PoH) and proof-of-stake (PoS) mechanisms have been lauded as key innovations.
You might also like: <a href="https://crypto.news/solana-climbs-13-to-hit-new-yearly-high-sparked-by-dogwifhat-memecoin-momentum/" rel="noopener noreferrer nofollow"> Solana climbs 13% to hit new yearly high, sparked by Dogwifhat memecoin momentum </a>
SOL has been, nonetheless, volatile. It rose to $259.96 on Nov. 6, 2021 before plunging to as low as $0.5008 on May 11, 2020.
On Feb. 23, SOL attempted to push past the $100 mark. Prior to its 35% rise, the token had only increased by 2% from Dec. 23, 2023, to Feb. 23, 2024. This was at a time when coins like Bitcoin and Ethereum were also trending.
Some analysts have proposed that $SOL’s new price can be attributed to the 30% increase in its total value locked (TVL) from November 2022. Others points to swelling NFT trading volume, which reached $7.8 billion on OpenSea, as the primary reason behind the spike.&nbsp;
While SOL has the potential to rally further, given its recent pump, the token is in the overbought territory and may soon see another pull-back.&nbsp;
While the crypto market is soaring, pumping above $60,000, other altcoins like GFOX may also benefit.
<h2 class="wp-block-heading" id="gfox-presale-nearly-sold-out">GFOX presale nearly sold out</h2>
In the <a href="https://galaxyfox.io/?utm_source=web&amp;utm_medium=pr&amp;utm_campaign=crypto.news&amp;utm_content=105" rel="noopener noreferrer nofollow">Galaxy Fox</a> presale, over 97% of allocated tokens have so far been sold in stage 8.
The platform is a blend between meme coins and play-to-earn games.
Its Web3 Runner game is designed to merge entertainment with financial incentives. Players with the highest rankings win prizes at the end of each gaming season.&nbsp;
You might also like: <a href="https://crypto.news/chainlink-breaks-20-gfox-prepares-for-retail-launch/" rel="noopener noreferrer nofollow"> Chainlink breaks $20, GFOX prepares for retail launch </a>
The network runs a token burn mechanism that further enhances its value by creating scarcity. This feature might support prices in the long term.
The network also has “Stargate,” which is a dedicated platform to reward GFOX stakers with a percentage of every transaction fee in the ecosystem.
Analysts remain bullish, expecting more price gains in the future.
<h3 class="wp-block-heading" id="final-thoughts">Final thoughts</h3>
Solana is surging, adding 35% in the last week. Analysts pin this upswing to multiple factors. Meanwhile, the GFOX presale is almost ending. Over 97% of allocated tokens have been sold. The platform offers a unique blend of meme coin features, play-to-earn utility, and innovative tokenomics.
Read more: <a href="https://crypto.news/trump-fever-pushes-maga-gfox-is-up-300/" rel="noopener noreferrer nofollow"> Trump fever pushes MAGA; GFOX is up 300% </a>
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Solana adds 35% in one week, GFOX presale nearly sold out

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