Solana’s price hit a 2024 peak of $186 on March 15, driven by a 400% rally in Dogwifhat. Key on-chain data trends indicate a strong market demand for SOL.

SOL’s price has remained steady above the $175 support level after a slight pullback from the peak. On-chain data for Solana shows a significant correlation with meme tokens Dogwifhat (WIF) and BONK, which could potentially push SOL price towards $200 in the near future.

Reasons behind Solana’s price surge

  • Solana’s price has surged by 60% this month, largely due to the increasing global demand for meme tokens.
  • Leading meme tokens hosted on Solana, WIF, and BONK, have played a crucial role in driving market demand for SOL.

On-chain metrics and new user influx

Since the memecoin rally began, Solana has seen a significant influx of new users. The network recorded the second-highest number of new users on March 14, signaling a growing interest in the platform.

Solana’s price forecast

Based on the on-chain data and market trends, SOL’s price could potentially reach $200 in 2024. Technical indicators suggest a bullish momentum, with the possibility of SOL surpassing the $185 resistance level in the near future.

While strategic investors remain cautious due to potential network outages, the overall outlook for Solana remains positive with the memecoin craze driving further growth in the coming weeks.

Post Views: 3