- Solana’s network activity surpasses Ethereum, with on-chain memecoin trading contributing to Solana’s fee capture exceeding Bitcoin’s over the past week.
- Solana’s meme coin ecosystem witnesses a significant correction, notably impacting tokens like BOME, while SLERF emerges as a standout performer.
Ethereum Layer-1 competitor Solana has witnessed a strong surge over the last week. Earlier on Monday, March 18, the Solana (SOL) price rallied all the way past $200, for the first time since November 2021.
Renowned cryptocurrency analyst Ali Martinez forecasted a potential upsurge in the price of Solana (SOL), aamid its recent market rally.
According to Martinez’s analysis, the technical sell signal on the SOL chart has been invalidated, indicating a bullish trajectory for Solana. This development occurred as the cryptocurrency successfully breached the resistance level at $198, signaling the possibility of further price appreciation and potentially heralding the onset of a new bullish trend.
The TD sell signal on #Solana daily chart has just been invalidated, hinting at a bullish outlook for $SOL. It pierced through the setup risk line at $198, potentially setting the stage for a new countdown toward another sell signal.
This breakthrough is akin to last December… pic.twitter.com/9m3ZqrhxKG
— Ali (@ali_charts) March 18, 2024
Drawing comparisons to a similar occurrence in December, Martinez highlighted how the negation of a previous sell signal for SOL led to a remarkable 70% surge in price before the emergence of the next sell signal. This analogy suggests a potential repetition of history, offering optimism for significant growth opportunities for Solana investors.
However, the Solana price seems to be under the grip of the bears amid the broader market correction. As of the press time, SOL is trading 13.33% down, at $177 with a market cap of $78.6 billion.
Solana-based Meme Coins Face Major Sell-Off
It seems that the party for all the Solana-based meme coins is coming to an end. Earlier today, the Solana-based meme coins like Book of MEME (BOME), BONK, and dogwifhat (WIF) faced corrections to the tune of 20-50%. On the other hand, another Solana-based meme coin project SLERF is hogging the limelight.
Following an impressive bullish surge, the BOME price has undergone a sharp correction, plummeting by 50% in the last 24 hours. Currently priced at $0.009813, BOME commands a market cap of $541 million, making it the 11th most-traded cryptocurrency with daily volumes totaling $2,367,455,325.
Although the BOME price has retreated by 55% from its weekly peak of $0.026, it still boasts a remarkable 1000% gain on the weekly chart.
The notable selling pressure stems primarily from BOME’s principal holding address, sundayfundday.sol. In the past nine hours alone, this leading holder has offloaded an additional 340 million BOME tokens, yielding earnings of 18,660 SOL. As reported by Crypto News Flash, Binance has been investigating some insider trading reports for BOME.
The meme coin craze on Solana has indeed helped the SOL price as well as the entire ecosystem. Amid the meme coin frenzy, Solana’s network activity surpassed that of Ethereum, per Crypto News Flash.
Token Terminal reported that amidst the flourishing on-chain Memecoin trading, Solana has achieved a fee capture of $17.8 million in the last 7 days, surpassing Bitcoin’s $17.5 million. Furthermore, Solana’s daily fee capture has exceeded $3 million for three consecutive days, consistently establishing new all-time highs.
