- Per analysts, SOL could rally amid renewed memecoin craze on its chain.
- But SOL was at a key short-term supply area at press time; will it clear it?
As a researcher with years of experience in the crypto market, I must admit that the renewed memecoin craze on Solana [SOL] has my attention piqued. Ryan Watkins’ claim that Solana’s memecoin moat could boost its rally resonates with me, given my past experiences analyzing the cryptocurrency landscape.
The renewed memecoin speculation on Solana [SOL] could boost the altcoin’s long-term value.
Ryan Watkins, who is one of the co-founders at Syncracy Capital, a venture capital firm specializing in crypto, and also a former researcher at Messari, suggests that the unique advantage (moat) of Solana’s memecoin could fuel its price surge. This prediction comes as a result of the recent excitement surrounding the AI-generated GOAT token. In simpler terms, Watkins believes that the distinctive feature of Solana’s memecoin, similar to the GOAT token, is what might drive its market rally.
Regardless of whether memecoins resemble modern religions or if AI agents are secretly starting on-chain cults, one thing remains clear to me: all paths ultimately converge towards Solana ($SOL).
Solana’s memecoin mania
As a researcher, I’d like to emphasize that the chain in question has been the breeding ground for all speculative experiments during this cycle. This observation is substantiated by the fact that it’s evident on Raydium, a Decentralized Exchange (DEX) built on the Solana platform.
The DEX recently hit an all-time high market share (72%) amid this week’s renewed meme coin craze.
It’s also worth mentioning that Raydium, the top DEX for trading memecoins on the Solana network, saw a significant increase in market share this week.
As a researcher delving into the world of meme coins, I found it intriguing that, based on Kaito’s data, GOAT held the top spot in terms of mindshare. This finding underscores GOAT’s significant role in the current wave of popularity it’s experiencing this week.
During that timeframe, my analysis revealed that it held almost 12% of market share, positioning itself quite favorably against other competitors. Notably, Dogecoin [DOGE] emerged as its most formidable competitor.
Another market analyst, Gumshoe, shared Watkins’ sentiment and noted SOL’s outperformance over the weekend. He stated,
“Onchain degeneracy happens on Solana, the market will soon start pricing in the paradigm shift.”
Last week, sentiment surrounding SOL appeared to be generally favorable based on Santiment’s data findings.
Yet, it remained unclear if the optimistic feelings were due to the surge in Bitcoin‘s price or the resurgence of the meme coin trend.
Currently, Solana’s price is approximately $160, marking a middle ground and an important bearish resistance point (OB), often referred to as a significant selling area. If this level is broken, Solana could potentially rise towards $180 within the near future.
However, a price rejection at the supply zone could still drag the altcoin to a 50-day EMA (exponential moving average) at $147 or back to range lows.
Read More
- DYM PREDICTION. DYM cryptocurrency
- CYBER PREDICTION. CYBER cryptocurrency
- ZK PREDICTION. ZK cryptocurrency
- JASMY PREDICTION. JASMY cryptocurrency
- POPCAT PREDICTION. POPCAT cryptocurrency
- Top gainers and losers
- SKEY PREDICTION. SKEY cryptocurrency
- TURBO PREDICTION. TURBO cryptocurrency
- BTC PREDICTION. BTC cryptocurrency
- MPL/USD
2024-10-20 20:07