The post Solana Price Eyes $200 Rally as Trading Volume Spikes 300% appeared on BitcoinEthereumNews.com.

Solana price hit a 35-day peak of $170 on May 17, up 44% for the month, but spikes in SOL trading activity suggests more upside could follow in the days ahead.  Solana Spikes 22% as GameStop Triggers Memecoin Mania Solana has emerged the best performing asset in the top 10 crypto market ranking this week. As the GameStop saga resurfaced, triggering a surge in memecoin demand, investors swooped in to scoop up prominent Solana-hosted memes like Dogwifhat (WIF) and BONK. This surge in native memecoin demand has inadvertently led to increased demand for SOL. Solana price action vs WIF BONK Solana price has surged 22% since the GameStop rally broke out on May 14. At the time of writing on May 17, Solana is exchanging hands for $168.9 reflecting a 44% uptick for the month. However, a closer look at the WIF (39.5%) and BONK (+26%) daily price charts shows that Solana’s top 2 largest meme projects have also scored significant double-digit gains in May 2024. SOL Trading Volume Spikes $2.7 Billion amid Memecoin Mania Notably, in recent months, periods of heightened memecoin demand have often triggered considerable SOL price surge, as it essentially boosts Solana network activity. And this bullish phenomenon appears to have reared its head again this week. Santiment’s Trading Volume chart below records the dollar value of all transactions involving SOL during a 24-hour period. – Advertisement – Solana Price vs SOL Trading Volume | Santiment As seen above, Solana trading volume reached a monthly low of 936.5 million on May 12. But since the start of the week, Solana has witnessed a considerable uptick in trading activity. Further intensified by the GameStop inspired memecoin rave, Solana trading volume has already crossed the $3.61 billiion mark at midday on May 17. This reflects a remarkable $2.7…

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Filed under: News - @ May 18, 2024 1:04 am