Solana price eyes $200 as meme coins, stablecoins market cap soars

Solana price has bounced back and crossed the important resistance level at $150 as meme coins in its ecosystem jump. It also soared as its stablecoin market cap jumped to a record high.

Solana (SOL) rose to $153 on Saturday, its highest level since March 3, and 60% above the lowest level this year. This recovery has pushed its market cap to almost $80 billion.

Solana’s rally occurred as investors returned to meme coins within its ecosystem, boosting their market capitalization to $10 billion, a $4 billion rise from this month’s lowest level.

Most Solana meme coins have soared, with Official Trump (TRUMP), Bonk (BONK), Dogwifhat (WIF), and Pudgy Penguins (PENGU) jumping by over 60% in the last seven days. Three of its meme coins – TRUMP, Bonk, and Fartcoin — have accumulated a market cap of over $1 billion.

Most of these meme coins were inspired by Fartcoin, a popular meme coin that jumped by almost 500% from its monthly lows. The rally also accelerated after Trump invited the top investors of his meme coin for dinner in May.

The rising Solana meme coins have benefited decentralized exchange networks on its ecosystem. These DEX platforms, such as Raydium and Orca, have handled over $17 billion in volume in the last seven days.

Further, the market cap of all stablecoins in Solana’s ecosystem jumped to a record high of $13.1 billion. Also, the number of active addresses on the Solana network jumped to 3.1 million.

Solana price technical analysis

The daily chart shows that the SOL price bottomed at $95.27 earlier this month as concerns about its ecosystem jumped. It has bounced back and moved above the key resistance level at $121.17, its lowest since September last year. 

It formed an inverse head-and-shoulders pattern, a popular bullish sign. It has also moved above the 50-day moving average. Additionally, oscillators such as the Relative Strength Index and the MACD have continued to rise.

It has also jumped above the 23.6% Fibonacci Retracement level. Therefore, the coin will continue rising as bulls target the key psychological level at $200. This target is about 32% above the current level.