Solana is one of the leading altcoins experiencing a major upward correction. Expectations for Solana have mostly been bullish as the year kicked off positively for the asset. More recently, market data has outlined the near-term potential for SOL.
Data from on-chain analytics firm Santiment has depicted a continuous upsurge in SOL’s value. With market cap, trading volume, and monthly gains tapping new levels, SOL is on the verge of hitting a new yearly price high.
The bullish rally is poised to be fueled by positive sentiments from market players. Although FOMO has historically tampered with asset prices, this might not be the case for SOL. Collective doubt might help sustain a long-term rally and potentially send SOL to $300.
Solana SPL meme coins might be behind SOL’s recent price upswing
The price prediction comes after reports from Bloomberg revealed that Pantera Capital’s asset manager is gearing up to buy a whopping $250 million worth of SOL tokens from the FTX estate. It bears mentioning that Pantera Capital currently holds an estimated 10% of the $5.9 billion SOL tokens under the possession of the FTX estate.
As such, the price of SOL might not be swayed by the asset managers’ move in the long term. However, other fundamental factors might affect SOL’s performance in the future.
Meanwhile, SOL has increased by more than 23% in the last 7 days, bringing monthly gains to 42.82% at report time. SOL, the fifth largest cryptocurrency by market cap, is amongst the best-performing altcoins in the top category.
Factors influencing SOL’s price upswing are mostly fundamental. Several celebrity-focused Solana SPL meme coins gained traction on March 6th, with impressive trading volume and performance.
While the Solana community members are still sceptical about these meme coins, some of these assets have functional use cases in the Solana ecosystem. Jupiter (JUP) is amongst the list of these meme coins with associated applications. The meme coin has soared by nearly 30% within the last three days.