Solana Traders Aim For $180 Target Following SOL's 13% Gain Over The Past Two Days

Increased activity on the Solana network, rising memecoin prices, and positive trends in derivatives markets suggest that SOL is targeting $180.

Source: coinmuhendisi.com

Between July 14 and July 16, Solana's native token SOL surged 13%, surpassing the $160 resistance level for the first time in five weeks. Despite this, SOL's price is still 24% below its peak of $209 in March, which dampens enthusiasm among bullish traders. Now, traders are uncertain about the sustainability of the recent uptrend and the likelihood of SOL revisiting the $180 level in the near future.

The Frenzy Around Solana Memecoins And The Momentum Of Ether ETFs

Recent excitement surrounding SOL can be attributed in part to the imminent approval of Ether exchange-traded funds (ETFs). Bloomberg analyst Eric Balchunas reported that the US Securities and Exchange Commission (SEC) has given final instructions to asset managers ahead of the launch on July 23. Meanwhile, the company has also filed for a Solana ETF application, awaiting a final SEC decision expected by March 2025.

A significant aspect of Solana's ecosystem is its support for memecoins, benefiting from low fees for launching and trading. This environment has fostered the success of memecoins like BONK and DogwifHat (WIF), which reached peak market capitalizations of $2.8 billion and $4.8 billion, respectively. Solana has also cultivated an active and engaged community, distinguishing itself in the blockchain space.

Several Solana SPL memecoins have shown substantial gains recently: MICHI (up 71%), POPCAT (up 70%), MYRO (up 36%), and TRUMP (up 30%) over the past week. These movements attract new investors and bolster demand for SOL tokens, driven by increased activity in decentralized applications (DApps) and liquidity within the Solana ecosystem, including total value locked (TVL).

Solana currently ranks as the second largest blockchain by decentralized exchange volumes, narrowing the gap with market leader Ethereum. Solana's activity stands out despite Ethereum's average transaction fee of $2.3, which presents a competitive disadvantage. Even compared to Arbitrum and BNB Chain, which benefit from extremely low costs, Solana's performance remains noteworthy. Additionally, Ethereum's second layer solution, Base, known for memecoin and token launches, has experienced declining volumes. From a peak market share of 10.8% on June 8, Base has dropped to 3.6%, based on recent data. Given the dynamic activity on the Solana network and robust derivatives metrics, SOL appears well-positioned to sustain its upward trajectory toward $180.

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