Following the US elections, there is considerable anticipation regarding the possible surge of Solana (SOL). Analysts have highlighted the strong foundation and market position of the digital asset, indicating a favorable performance post-elections.
Analyst Eugene Ng Ah Sio emphasized SOL’s resilience at the $161 mark and the resurgence of interest in AI meme coins as significant factors contributing to its optimistic outlook. He stated,
“In terms of technical analysis, SOL’s successful retest of a 6-month resistance level and its subsequent transformation into a support level after demonstrating exceptional relative strength marked a promising entry point.”
Based on Eugene’s analysis, SOL surpassed the $161 barrier, a crucial resistance point dating back to April. By turning it into a reliable support level, SOL is poised for potential upward movement.
Benefiting from the AI Memecoin Trend
From a fundamental perspective, the recent surge in popularity of AI memecoins such as Goatseus Maximus (GOAT) has significantly benefitted the Solana ecosystem. Eugene highlighted,
“$SOL has emerged as the primary asset of choice amidst the AI memecoin fervor, given the extensive activity happening on the Solana network.”
The Coinbase experts also acknowledged this trend as a crucial driver for SOL. In their weekly market analysis, David Duong and David Han noted,
“The resurgence of AI agents and memecoins has notably favored the Solana ecosystem, with a noticeable surge in trading volume on Solana-based decentralized exchanges (DEXs).”
They highlighted the DEX volume surge to almost $15 billion, surpassing Ethereum’s $7.9 billion, indicating a growing preference for Solana platforms, particularly amid the AI memecoin influx.
Currently, market sentiment leans towards bullish positions. As per Coinglass’ data on Binance’s top traders, 62% of the positions are in favor of SOL, suggesting a prevalent optimism regarding price movements. If this trend persists, SOL could potentially target the $180-$185 range in the near future.