The Solana price has seen a 4% increase in the last 24 hours, reaching $153.40 amid a modest 1% growth in the crypto market. SOL has experienced a 3% increase in a week, a 12% increase in a month, and an impressive 590% increase in a year. The breakthrough of the $150 resistance level today, combined with the overall market recovery, suggests that SOL could be beginning an end-of-year climb. SOL’s chart indicates momentum with indicators suggesting it is approaching the peak of a short-term upswing, including a rising relative strength index and a 30-period moving average climbing strongly after surpassing the 200-period average. With SOL still 41% below its all-time high of $259, a bull rally may be overdue.
Solana has become a memecoin hub and has maintained the same price as seven months ago. The blockchain is now the third-largest layer-one network in terms of TVL, with an impressive 1,800% increase in a year. Solana’s use as an ecosystem for meme tokens has contributed to this growth, as it has launched around 96,000 new tokens in a year, accounting for 87% of all new tokens on DEXes. Future scalability upgrades like Firedancer, a validator client, could improve speed and stability, allowing for up to 1 million transactions per second. Additionally, funds are starting to apply for Solana ETFs, indicating a promising outlook for the Solana price, which could reach $200 by the end of November and $250 by the end of the year.
While Solana is expected to be one of the top-performing major altcoins, other tokens are also likely to rally as the year progresses. Presale tokens, especially those with a popular offering, are expected to perform well. Pepe Unchained (PEPU), a layer-two project, has raised over $19.4 million in its ongoing presale. Once the presale ends, it will launch its L2 network for Ethereum, offering near-instant transactions and low fees. PEPU aims to become a leading ecosystem for meme tokens, competing with Solana. It promises 100x the transaction speeds of Ethereum and double the staking rewards of a typical layer-one token. With strong demand expected due to transaction fees and staking, PEPU has a max supply of 8 billion tokens. Investors can participate in PEPU’s sale on its official website, where the token is selling at $0.00998 per token and could see a substantial price increase upon listing on exchanges.
PEPU’s official X account has gained 49,000 followers, an impressive number for a platform that has yet to fully launch. The community’s size suggests the potential for significant price growth once PEPU is listed on exchanges in the coming weeks. Investors considering PEPU should be aware that crypto is a high-risk asset class and that this article is for informational purposes only and does not constitute investment advice. The potential for loss of all capital should be considered when investing in crypto assets.
