Rally

Solana

BOOK OF MEME

Shiba Inu

dogwifhat

The post <a href="https://coinpedia.org/price-analysis/solanas-tvl-volume-explodes-heres-why-sol-price-rally-may-hit-500-squashing-the-bearish-pressure/">Solana’s TVL &amp; Volume Explodes: Here’s Why SOL Price Rally May Hit $500, Squashing the Bearish Pressure</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a> 
Since memecoins gained mainstream attention, Solana has become home to newly launched memecoins, some of which have a market capitalization of more than $1 billion. Among them were dogwifhat (WIF) &amp; BOOK OF MEME (BOME) which set the crypto markets on fire. Popular memecoins like Dogecoin (DOGE) &amp; Shiba Inu (SHIB) awakened after a prolonged consolidation.&nbsp; 
With the rise in memecoin interest, the Solana chain was preferable as it received nearly 50% traffic, as per the data from Coingecko. This caused a massive rise in the TVL and also the volume over the platform, which soared beyond $3 billion within a few days.&nbsp; 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-us.googleusercontent.com/0Tvu2UQB6Sydsfy6fbnJQIU1pWHL8aKTSXRxoTzXYyn22XjUwWkAHud_HE24mB08rm-zghcPjUdu9cL6Qu1EqyzhpWRNPgbtuYoYnT1kDTVSFfd3-J2zJzqXvhxZtNXe1NyhlWUEK61G_Ieppe80x8o" alt="">
</figure> 
The rise in both fractals had a massive impact on the Solana price, which marked new yearly highs above $210. Despite the bearish market conditions a few days ago, the bulls quickly jumped in after the price reached its lows at $162. The recent price action has enabled the price to reach close to its parabolic recovery that could have been accomplished after the token reached the ATH.&nbsp; 
The current trade setup indicates the token still has huge bullish support as the buying pressure continues to mount over Solana. Until the <a href="https://coinpedia.org/price-prediction/solana-sol-price-prediction/" target="_blank" rel="noreferrer noopener">SOL price</a> remains stuck within the two major weekly levels, the possibility of forming a new ATH remains pretty high, as the weekly support is offering a strong base.&nbsp; 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-us.googleusercontent.com/Y-yS5yCM7TLmVz6rlqL9x0vF9zA-l2KzMF2tl32q_w1ELFyFDvkTX86pRdFmMwhGEwxjsupDYhjzdCmLZXrlzG3M8PGNJFEfFTnEKOKpaCYs81PLKijkqeA3UkOMnxK4UxPm1V_9hjO5-dGb7XYGZTA" alt="">
</figure> 
Regardless of the current bearish pressure, the SOL price suggests it is self-assured of a bullish breakout. The RSI remains within the upper threshold, suggesting the rally’s strength could remain elevated. Besides, the Average True Range (ATR), which is a volatility indicator, maintains a healthy upswing. This suggests the price may remain highly volatile, which elevates the possibility of huge price variations, attracting fresh liquidity.&nbsp; 
Hence, the Solana (SOL) price appears to be pre-programmed to reach $300 anytime from now if the price regains its highs at $210 before the end of the month.

Solana’s TVL & Volume Explodes: Here’s Why SOL Price Rally May Hit $500, Squashing the Bearish Pressure

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