Solana (SOL) Nears $160 Resistance Level With A 10% Weekly Gain Amid Renewed Interest In Meme Coins

• Ryan Watkins highlights meme coins’ impact on SOL’s price; Raydium DEX hits 72% market share during surge.
• GOAT token leads meme coins on Solana, holding 12% mindshare, surpassing Dogecoin in current trading cycle.

This week, Solana (SOL) has seen its value increase by nearly 10%, drawing close to the $160 resistance level—a threshold it has not surpassed after several attempts in recent months.

This happening in the context of a renewed interest in meme coins on the Solana blockchain, which could potentially enhance its value over the long term.

Look, I don’t really care whether memecoins are neo-religions or if AI agents are really launching onchain cults, all I know is all roads lead back to $SOL.

Solana is the hotbed for all speculative experiments this cycle. pic.twitter.com/CkNpAWDkTC

— Ryan Watkins (@RyanWatkins_) October 19, 2024

Ryan Watkins, co-founder of Syncracy Capital and a former analyst at Messari, pointed out the significant role of meme coins on Solana’s network in potentially driving up SOL’s price. Watkins emphasized the impact of these coins without delving into the cultural phenomena surrounding them, summarizing his viewpoint succinctly: 

“All I know is all roads lead back to $SOL.”

In the midst of this meme coin resurgence, Raydium—a decentralized exchange built on Solana—has hit a new high in market share, capturing 72% during this period of heightened activity. This surge underscores the platform’s centrality to speculative trading cycles within the Solana ecosystem.

Further data from Kaito reveals that among meme coins, the GOAT token has emerged as a leader in capturing trader interest on Solana, holding nearly 12% mindshare and outperforming its closest rival, Dogecoin (DOGE).

Market analyst Gumshoe reflected on the implications of these trends, noting Solana’s superior performance and the broader market’s potential reaction. “The market will soon start pricing in the paradigm shift” he suggested, indicating a possible forthcoming adjustment in SOL’s market valuation.

$SOL

Outperforming a bit over the weekend as the market starts to heal from an 8-month-long consolidation period

Onchain degeneracy happens on Solana, the market will soon start pricing in the paradigm shift pic.twitter.com/tGNxnhpyIA

— gumshoe (@0xGumshoe) October 19, 2024

Data from analytics firm Santiment corroborates this optimistic sentiment, noting that SOL’s market sentiment has been relatively positive recently.

Currently, SOL is trading around the $160 mark. This price acts as a mid-range and bearish order block. If SOL can break through this resistance, it might climb to $180 in the near term.

Conversely, if it fails to surpass this level, the price could retreat to its 50-day exponential moving average at $147 or even lower to previous range levels.

The developments in Solana’s meme coin market and its impact on SOL’s trading dynamics are pivotal in determining whether the cryptocurrency can leverage this speculative interest into a sustained upward trajectory in its market price.

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