Solana price remained in a tight range on Thursday as most meme coins in its ecosystem soared. SOL was trading at $152, a range where it has remained at in the past few days. This SOL price forecast provides its key targets and mentions Bitcoin Pepe (BPEP), a new rival that raised over $16.2 million from investors.
Solana Price Analysis as Meme Coins Jump
The main catalyst for the Solana price today, July 3, was the surge of most meme coins in the ecosystem. Bonk token jumped by over 10%, while Fartcoin, Moo Deng, and Useless Coin jumped by over 10%. Consequently, the market capitalization of all Solana meme coins rose to over $11 billion.
Solana’s surge then faded after the US published strong nonfarm payrolls (NFP) data on Friday. The report showed that the nonfarm payrolls (NFP) rose from 144,000 in May to 147,000 in June. This increase was higher than the expected 110,000.
The report came a day after ADP’s report showed that the economy lost over 33,000 jobs during the month as companies reacted to Donald Trump’s tariffs.
Solana price has also reacted to the vibrance of a new SOL ETF that launched on Thursday with a staking feature. Data shows that the REX-Osprey SOL Staking Fund (SSK) had over $33 million in volume on the first day.
Meanwhile, DeFi Development Corp, a Wall Street-listed company, raised $100 million to accumulate Solana. It now holds over 640,585 coins as it seeks to replicate Strategy’s approach.
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SOL Price Technical Analysis
The three-day chart shows that the SOL price remained in a tight range in the past few weeks. It has remained above the ascending trendline that connects the lowest swings since April this year.
However, the token remains below the 50-day Exponential Moving Average (EMA), a sign that bears remain in control. It has also formed a head-and-shoulders pattern, which often leads to a bearish breakdown.
Therefore, the coin will always be at risk of a breakdown as long as it is below the 50-day moving average and the right shoulder at $186. A break below the lower side of the neckline will confirm the bearish outlook.
Bitcoin Pepe Raises $16.2 Million
Meanwhile, Bitcoin Pepe, a top Solana rival, has gained traction in the past few months. It has raised over $16 million from investors who believe in its mission to disrupt the meme coin industry.
Bitcoin Pepe’s goal is to create a meme coin-focused layer-2 network on Bitcoin, the biggest crypto in the industry. Its platform will make it easy for users to launch new meme coins within a few minutes.
Additionally, it will feature a decentralized exchange, enabling users to trade and invest in meme coins.
Investors are also buying Bitcoin Pepe after the developers announced the launch partners. This includes popular exchanges like BitMart and MEXC, and they have pledged to unveil more at the end of the month.
Bitcoin Pepe is also giving out a 30% bonus and offering high rewards for their staking purchases. You can learn more about Bitcoin Pepe here.
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