Why Is Solana (SOL) Going Up So Much Today?

Why Is Solana (SOL) Going Up So Much Today?
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The enthusiasm surrounding BONK, a meme coin based on the Solana blockchain, continues to drive the value of Solana-related tokens upwards. While most altcoins have seen minor fluctuations, SOL has experienced a notable increase, potentially due to the excitement generated by BONK, which has undoubtedly been the standout performer recently. 

In the last 24 hours alone, it has seen an impressive surge of 100%, reaching a new all-time high. Over the past week, BONK’s value has increased by a four-digit percentage. This performance has seemingly sparked a price increase for SOL as well, which has risen by over 8.4% in the past 24 hours and is currently trading at $78.76.

Solana seems poised for an upward trajectory, potentially converting the $78 resistance level into a support level. Should this occur, the cryptocurrency could be on track to achieve a valuation in the triple digits. The $67 support level successfully staved off Monday’s sell-off, with buyers swiftly re-entering the market to push the price back toward the crucial resistance level. This suggests that market pullbacks are minimal and rapidly absorbed by buyers.

Despite the price’s apparent readiness to maintain its upward trend, the 3-day RSI tells a different tale. It has been registering lower highs since mid-November, signaling the need for caution. This momentum could eventually reverse based on the RSI. A breakout above $78 could set Solana on a path toward the next significant target of $100. Achieving this would necessitate continued unchallenged dominance by the bulls.

Why Is Solana (SOL) Going Up So Much Today?

The Saga of Solana: Sold-Out Phones and Soaring Prices

In related news, the Solana Mobile team has declared that their cryptocurrency-enabled phone, Saga, has completely sold out in the United States, with only a limited number of units remaining for the European market. On December 13, the value of BONK surged to a record high following the announcement of trading support by the cryptocurrency exchange, Coinbase

Binance has also added BONK to its listing as the popularity of meme coins resurges. In the wake of this price increase, traders eager to take advantage of a complimentary airdrop of 30 million BONK for each phone purchase, engaged in a buying frenzy. BONK’s price has seen a remarkable increase, nearly doubling in the last 24 hours and rising by over 980% in the past month. Currently, BONK trades at $0.00002981.


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