- Solana price has risen by over 23% from its lowest point in January.
- Wen, a new Solana meme coin, has jumped by over 53% in the past 24 hours.
- Solana is also seeing strong market share gains in the DePIN industry.
Solana price has surged in the past few days, joining other cryptocurrencies that have done well. The SOL token has risen in the past five days and has moved to its highest point since January 18th. It has jumped by more than 23% from its lowest point in January.
Meme coins and DePIN market share
Solana price has been one of the best-performing cryptocurrencies in the past 12 months. Most of these gains happened as investors cheered Solana’s role in the meme coin industry as Bonk came from obscurity to become one of the biggest tokens in the industry.
Again, the current Solana price surge is associated with Wen, a new meme coin that is having hype in the crypto industry. Data by CoinGecko shows that Wen token price jumped by over 50% in the past 24 hours. This made it the best-performing cryptocurrency in the market. As it jumped, its market cap soared to over $161 million.
Wen has also helped to push Solana DEXes higher. Data shows that exchanges like Jupiter, Orca, and Raydium have become some of the biggest decentralized exchanges in the market. Jupiter handled over $520 million of tokens in the past 24 hours, beating Uniswap.
All this means that Solana has become the preferred blockchain for meme coin launches and trading. This is an important thing because it has overtaken other networks like Ethereum and BNB that used to have the biggest market share.
Solana is also seeing more traction in the fast-growing industry known as Decentralized Public Infrastructure (DePIN). A few months ago, Helium moved from Ethereum to Solana to take advantage of its fast speeds and low transaction costs. Today, Helium and its ecosystem are some of the biggest DePIN networks.
Other top DePIN networks in Solana that are doing well are Render, Shadow, PowerLedger, and Hivemapper. Render offers decentralized computation power while Shadow provides storage for web3 developers. Hivemapper is disrupting the mapping industry.
Solana price forecast
The daily chart shows that the SOL token price formed a long-legged doji pattern on January 23rd. This is an important pattern that is a popular sign of a reversal. Most importantly, Solana remained mostly above the 50-day and 100-day Exponential Moving Averages (EMA). This is a positive sign because it showed that bulls remained in control.
Therefore, the outlook for Solana price is bullish as it nears the psychological level of $100. A break above this level will open the possibility of the coin surging to last year’s high of $126, which is 27% above the current level.
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