Well now, if you ever wanted proof the world’s gone plumb loco, just tilt an ear toward Solana. Why, not too long ago in April, SOL was sittin’ all sad and lonesome down at $94.50. Now it’s climbed up to $170 quicker than a frog hopping off a hot rock, courtesy of demand for the coin itself AND its rowdy kinfolk, the meme coins. 😏
Yep, Solana’s fixing to make you think gravity’s just a suggestion. March 3 was the last time it looked this handsome—and I dare say, even the market bulls started blushing. Now, Bitcoin and the rest of its wild barnyard (altcoins) have stampeded so hard, the whole crypto rodeo is sittin’ pretty at a whopping $3.2 trillion. No, that ain’t a typo. Trillion, with a “T”. Last time I saw numbers like that, a prospector was talking about gold in his dreams.
Talk about comedy gold—Solana meme coins have given folks more whiplash than a country square dance. The lot of them—Bonk (BONK), Dogwifhat (WIF), Popcat (POPCAT), and an overachieving squirrel named Peanut—cranked their market cap from a modest $6 billion in April to a full-blown $13 billion now. Imagine explaining that to your banker with a straight face. “Well, sir, the dog’s got a hat and the cat pops—for some reason, money followed!”
Even the decentralized exchanges have gotten in on the hootin’ and hollerin’. Raydium and Meteora, them two workhorses, shuffled $20 billion this week alone. Over the past month? A jaw-dropping $78.93 billion. Ethereum’s exchanges tried to keep up, but with $13 billion for the week and $51.5 billion for the month, it looks like Solana handed them their hats and sent them home to mama. 🤠
Now here comes the real kicker: Wall Street’s out sniffin’ around for a piece of the action. No fewer than seven big outfits like VanEck, 21Shares, Grayscale, and Bitwise are lining up for a good old-fashioned spot SOL ETF. And if Uncle Sam’s SEC gives their blessing AND allows staking? Well, the fine fortune tellers at JPMorgan reckon Solana’s picnic basket could get stuffed with $6 billion in under a year. Somebody’s gonna have to buy a bigger basket.
Solana price analysis: textbook pattern points to a surge to $500
Let’s have a look at the weekly SOL chart, though if you’ve got weak knees, maybe sit down first. This thing’s shaped itself into a chart pattern known the world over as the “cup and handle”—not to be confused with your Aunt Sally’s teacup set. You’ve got your flat resistance (like your neighbor’s stubborn mule), a good rounded bottom (as bottoms should be), and a fanciful “handle” to top it off. 🍵
The pattern’s upper rim was $258 and, at its lowest, $8.05. Right now, it’s busy forming its “handle”—which is finance-speak for, “let’s see if y’all can hang on or fall off.”
Calculating the price target is easier than pie; measure the depth—a whopping 97%—then hop on up from the top. Next stop? About $500. If SOL pulls this off, I expect folks will be naming their next kid “CupHandle Jones.”
Only thing that can throw a spanner in the works? If SOL slips below $94.50, the whole dream’s as gone as my last paycheck at the card table. So hang on to your hats, wallets, and sense of disbelief.
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2025-05-10 15:24