- SOL has surged to a new all-time high at $263.7 and aims higher.
- Solana meme coin hype is also a reason for the cryptocurrency’s uptrend.
- Largest Solana meme coin BONK is up over 50% in the past week.
Solana (SOL), the fourth-largest cryptocurrency by market capitalization, reached a new all-time high of $263.70 earlier today, outpacing most other digital assets since November 2023. The surge in SOL’s value is largely credited to the growing demand for meme coins on its blockchain and rising anticipation surrounding the potential approval of a spot Solana exchange-traded fund (ETF).
Data from CoinMarketCap reveals SOL’s price climbed 11.19% in the past 24 hours and is now eyeing the $300 level in the short term. If current market momentum persists, analysts believe SOL could target $500 during this bullish cycle, which is expected to last until 2025.
SOL has also gained 25.65% over the past week and 58.95% in the last 30 days. Since November 2023, its price has skyrocketed 383.36%, fueled by the rising prominence of Pump.fun, a top meme coin generator on the Solana blockchain.
Meme Coins Fueling Solana’s Momentum
Solana-based meme coins have contributed significantly to SOL’s growth. Bonk (BONK), the largest meme coin in the Solana ecosystem, soared by 1,197.19% since November 2023, achieving a market cap of $3.93 billion. Despite a 11.45% dip from its all-time high of $0.00005916, BONK remains up 50% in the last seven days.
Read also: Solana Memecoin Frenzy Cools Down After Binance Listing
Meanwhile, Squirrel the Peanut (PNUT) gained an eye-watering 2,348.87% in the past month, though it dropped 23.92% over the past week. Trading at $1.29, PNUT is now 47% below its all-time high of $2.47.
SOL Price Analysis and Future Outlook
The Relative Strength Index (RSI) for SOL currently reads 78.30, reflecting strong bullish momentum. However, the overbought conditions signal an increased risk of price corrections. Still, the RSI’s upward slope indicates that SOL might continue to set higher highs, assuming robust trading activity.
The race to launch a spot Solana ETF is still on with Bitwise joining established players like VanEck and Canary Capital. Under pro-crypto leadership, the anticipated approval of these ETFs could further solidify SOL’s position as a top-performing cryptocurrency.
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 surpasses $260 as meme coins and ETF speculation fuel growth. Explore the factors driving this cryptocurrency to new heights.){kind=link}