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The Solana price soared 9% to trade for $202.91 as of 02:21 EST time as it dethroned Binance Coin (BNB) as the fourth biggest crypto by market capitalization,
SOL’s market cap surged to $89 billion, leaving BNB trailing in fifth place on $86 billion, according to CoinMarketCap.
As the Solana price continues to show strength, the Wolf of Altcoins on X lists SOL among the best buys right now.
https://twitter.com/wolfaltcoin/status/1769510284194963525
The Solana ecosystem has been a dominant subject since the fourth quarter of 2023. The narrative sprouted from the rivalry between Solana and Ethereum on transaction cost metrics.
Don’t bring back last cycle “eth killer” bs. It’s lame. Pareto efficient technologies can have overlapping features and will compete, but that’s all ok. I don’t see a future where solana thrives and somehow eth dies. I am such a techno optimist that I am certain that…
— toly 🇺🇸| bip-420 (@aeyakovenko) December 2, 2023
The competitive edge that the Solana ecosystem has over Ethereum is down to low transaction fees. With this, SOL continues to dominate major Ethereum Virtual Machine (EVM) chains for decentralized exchange (DEX) traders.
$SOL dominates major EVM chains for daily DEX traders.
Thanks to low fees and a thriving memecoin community, it's the go-to choice! pic.twitter.com/nPRzXXATLp
— Kyledoops (@kyledoops) March 14, 2024
Besides the SOL versus ETH narrative, another theme that has kept Solana in the headlines is its wealth of meme coins.
Solans meme coins $SOL
👒 $WIF
🦮 $BONK
🐕🦺 $MYRO
🐩 $SAMO
🐶 $DUKO
🐒 $PONKE
🦍 $HARAMBE
🥤 $STAN
🐈 $WEN
🐱 $POPCAT
🍞 $LOAF
😼 $CHONKY
🐲 $SMOG
🐉 $SILLY
🐑 $SOLAMA
🦆 $HONK
🐧 $PENGHolding any? pic.twitter.com/Lvmf2GOecu
— Crypto Banter (@crypto_banter) March 12, 2024
Myro (MYRO), Bonk Inu (BONK), Dogwifhat (WIF) and Smog (SMOG) are among meme coin stars on Solana, making it impossible to ignore. This social dominance has provided tailwinds for the Solana price, with eyes now on the 2021 all-time high of $259.90. With these, the Solana ecosystem is now trending on DEX Screener.
This points to a significant level of trading activity or price movement relative to other assets listed on the DEX.
Solana Price Outlook As SOL Continues To Shock Markets
The Solana price is trading within the upper region of the market range measured from $8.73 to $259.90. If the bulls have their way, the Solana price could reclaim its peak, nearly 30% above current levels.
Multiple technical indicators are leaning in favor of the upside, starting with the Relative Strength Index (RSI), which is ascending to show momentum is rising. The histogram bars of the Awesome Oscillator (AO) are also growing in volume as they flash green. This is a sign of a strong presence of the bulls in the SOL market.
Additionally, the volume indicator is growing, which signifies the uptrend in the Solana price is becoming stronger. These add credence to the bullish thesis.
In a highly bullish case, the Solana price could clear the $259.90 all-time high and record a higher peak at, potentially reaching the $300.00 psychological level.
TradingView: SOL/USDT 1-week chart
Converse Case
On the other hand, if the bears recover the market, instigated by profit booking, the Solana price could drop. If the price breaks and closes below the 50% Fibonacci placeholder at $134.32, it would invalidate the bullish thesis.
Meme coins remain a fundamental narrative in the Solana ecosystem. Among them is Smog, which has surged over 20% as investors gear up for its massive airdrop.
https://twitter.com/dennyarifiandi/status/1769015102806851889
Smog features among the five best meme coins to buy now, according to crypto YouTuber Jacob Bury.
Promising Alternative To Solana
Smog forayed into the cryptocurrency market through the Jupiter decentralized exchange (DEX). It promises the mother of all airdrop campaigns and builds atop the success of recent breakout launches on Solana such as Myro, Bonk, and Dogwifhat.
$SMOG 🐉 | The greatest #Solana #Airdrop of all time! 🔥
Buy, hold, and complete https://t.co/rqSx9NCXYh quests to qualify in the airdrop and climb the leaderboard! 🥇
🌐 127K+ Cross platform Community
👥 64.47K Holders
💰 $121.91M+ MC
✅ 1,457,547 Quests CompletedJoin ou
— JCCBREZZO (@JCCBREZZO) March 12, 2024
With the goal to ignite sensational success with a supercharged airdrop campaign, Smog will grant token holders access to an expert crypto community. This group will help build the community support requisite for unlocking unstoppable virality within the meme coin space. This is with the promise and excitement of interactive sustained multi-airdrop campaigns that gamify the experience for the user.
Some analysts say Smog is poised to benefit this year because of its dragon theme. The Chinese Lunar Year of the Dragon celebrations could draw in investors from the vibrant Asian crypto markets who want to leverage the lucky appeal of the season.
The project’s tokenomics shows 35% of all tokens are allocated for upcoming airdrops. To participate, buy and hold Smog, and earn extra airdrop points by completing activities managed by Zealy.
The best place to buy Smog is on the official website here, where buyers receive a 10% discount. But act fast because the offer likely won’t last for long.
Also Read:
- Latest Solana Meme Coin Smog Token Unveils ETH Bridge After Massive $37M Market Cap Debut – Investor Sentiment Boosted By Airdrop Campaign
- Solana Price Prediction: Solana Price Surges 7% While New SOL Meme Coin Smog Explodes Onto The Scene With 1,288% Pump
- New 100X Potential Meme Coin Launches On Solana – Is $SMOG the Best Crypto to Buy Now?
- Best Meme Coins to Invest in: Top Picks for Exponential Gains!
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