🌎 Solana Reaches Three-Day High Above $210

Solana’s recent price movement has seen the cryptocurrency defend its 200-day moving average, with a steady increase throughout the weekend.

Solana’s Ecosystem Tokens Drive Recovery

Solana has risen for three consecutive days, reaching a high of $210, its highest level since February 5. Although it remains about 30% below its highest level in December, the slow recovery is likely attributed to the rebound of some of its ecosystem tokens. Notable examples include Fartcoin, which rose by almost 30% from its lowest level this month, and Popcat, which has risen by over 80% from its February lows.

Other top-performing Solana meme coins, such as ai16z, Cat in a dogs world, and Comedian, have also seen significant increases of over 10%. The market cap of all coins has rallied 7.3% in the last 24 hours to over $11.98 billion, with these meme coins having a market valuation of over $25 billion.

Solana’s Success in the Crypto Industry

Solana has become one of the most successful crypto projects this year, with its ecosystem experiencing significant growth. According to recent data, Solana has made over $282 million this year, making it the fourth-biggest player in the crypto industry after Tether, Tron, and Jito. Its DEX networks, such as Raydium, Meteora, Orca, and Jupiter, have continued to gain market share in the past few years.

In addition, there are signs that the Securities and Exchange Commission will approve a spot SOL ETF, with odds of approval jumping to 85%. This potential approval has investors anticipating a more favorable regulatory environment under the current administration.

Solana Price Analysis

The daily chart shows that the SOL price bottomed at $190 last week as most cryptocurrencies crashed. This level is significant, as it coincides with the 200-day Exponential Moving Average. Bulls are defending moves below this level, as a drop below would be a victory for the bears and could lead to further downside.

The bull and bear power indicator has moved upwards in the last two straight days, indicating a potential shift in momentum. A drop below the 200-day moving average would risk the price moving below $169, the neckline of the double-top pattern at $265. A double-top is a highly popular bearish sign in the market.

Short-Term SOL Price Forecast

The short-term SOL price forecast is neutral for now. More downside will be confirmed if the price crashes below $169, while a clear bullish breakout will be validated if the coin rises above the key resistance at $265. Such a move would confirm the recent VanEck forecast that the coin will jump to $520.

Key levels to watch: