The Solana price has dipped by 0.5% in the past 24 hours, although its current level of $145 also marks a 4% gain in a week.
SOL is flat in the past month, but retains a healthy 485% increase in the last 12 months, making it one of the best-performing top-100 coins of this period.
Much of its performance stems from its status as the layer-one blockchain of choice for meme coins, with Solana-based tokens WIF, BONK and POPCAT all enjoying strong increase in the past week.
And with transaction volume remaining high on Solana, we can expect SOL to continue performing well over the medium- and long-term.
Solana Price Sees Gains as WIF, BONK, and POPCAT Meme Coins Surge
After suffering a noticeable dip late on Sunday night, SOL has been regaining some momentum and is still in a position where it could continue recovering over the next one or two days.
Its relative strength index (purple) has risen from under 20 on Sunday night to around 50 as of writing, a position which is consistent with either gains or falls.
That said, the alt’s 30-period moving average (orange) has reached what looks like a bottom in relation to the 200-period average (blue), a sign that the token should be recovering in the very near future.
One other encouraging sign is that Solana’s trading volume is at $4.1 billion today, although whales have been mostly selling the coin in recent weeks and months, taking advantage of recent rallies.
A whale sold 594K $SOL($86M) this year!
Since Jan 15, this whale has deposited 594K $SOL($86M) to #Coinbase, #Binance, and #OKX, averaging one sale per week.
The last sale was 16 hours ago.https://t.co/v6mJegPKCa pic.twitter.com/5CU24VPvtt— Lookonchain (@lookonchain) August 13, 2024
Yet it’s very likely that the Solana price will make a comeback before long, with the aforementioned meme tokens helping to underline why Solana is one of the most exciting major projects in crypto.
For instance, POPCAT and WIF have both risen by 19% in the last seven days, while BONK sits on a massive 5,700% increase in the past year.
Such gains indicate not only considerable interest in meme coins, but they also point to the high transaction volumes Solana has been seeing over the past year or so.
For instance, the number of active addresses on Solana grew by 22% in July, while its DEX volume surpassed Ethereum’s for the first time, reaching $55.87 billion.
Solana flips Ethereum in monthly DEX trading volume for the first time in history.
Friendly reminder that Solana's market cap is 1/5th of Ethereum's. pic.twitter.com/dtJWyUoSpm— ◢ J◎e McCann
(@joemccann) August 1, 2024
These are signs of a growing, healthy platform, and they suggest that it’s only a matter of time before the Solana price begins rallying again.
It could hit $200 in the next one or two months, while it could touch $250 by the end of the year.
New Meme Tokens Bring Strong Potential
SOL is likely to remain a safe bet as far as cryptocurrencies go for a long time, yet traders may also do well to diversify into small-cap tokens, which can often outperform the market by wide margins.
Presales represents one particularly promising area of new tokens, with the best presale coins often rallying big once they list on exchanges.
One token with the potential to do this is Base Dawgz (DAWGZ), a multi-chain cryptocurrency that has already raised over $2.9 million in its sale.
GM to those who seek thrills above all else!$DAWGZ pic.twitter.com/q1bzPVJok3
— Base Dawgz (@BaseDawgz) July 21, 2024
DAWGZ is exciting because it’s one of a select few multi-chain meme coins in the market and accordingly, with its token set to operate on Ethereum, Base, Solana, Avalanche, and BNB Chain.
What’s bullish about this is that, by running on several chains, DAWGZ will attract more investment and use than it would have as a single-chain coin.
As such, it could experience higher demand, pushing its price up over time.
Also working in DAWGZ’s favor is its choice of memes, with its mascot being a base-jumping Shiba Inu dog, which appeals to the thrill-seeking element within the crypto community.
The coin’s X account now has over 5,000 followers, a sign of how it’s steadily building up a following even before it has even launched.
As a token, DAWGZ comes with a capped supply of 6.453 billion, with 20% of this going to it sale and another 20% to staking.
Staking will provide a strong incentive to hold the coin for the longer term, with interested investors able to buy it now by going to the official Base Dawgz website, where 1 DAWGZ currently costs $0.007784.
Buy DAWGZ Now
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