Solana Price Prediction as SOL Trading Volume Soars to $2.5 Billion – Are Whales Buying the Dip?
The Solana (SOL) price has jumped back up to test $150 from earlier session lows under $140 amid a surge in trading volumes, as traders await a barrage of upcoming US economic data releases later in the week.
As per Yahoo Finance, trading volumes on major exchanges surpassed $2.5 billion on Monday. That was the highest since last Tuesday.
The impressive price rise still leaves the Solana price lodged well within its $120-$160 range over the past month.
Wednesday’s US CPI and Retail Sales could shake things up, as traders assess the interest rate outlook.
But ahead of then, the focus is on meme coins (and meme stocks) following Roaring Kitty’s sudden return.
pic.twitter.com/YgjVqtgcNS
— Roaring Kitty (@TheRoaringKitty) May 13, 2024
His return comes with gas fees very low across major blockchains like Ethereum.
wtf surely this is an all time low for $ETH gas fees? pic.twitter.com/bVwiXhmpZB
— eztic (@eztic0) May 12, 2024
Solana has marked itself out in 2024 as the number one meme coin blockchain.
If Roaring Kitty’s return coupled with low gas fees can start a new meme coin season, Solana could be a key beneficiary.
Bitcoin (BTC), last at $63,000, also remains stuck within multi-month ranges and isn’t likely to see a major breakout soon.
The macro backdrop remains uncertain, with traders unsure how soon and fast Fed rate cuts are coming.
Spot Bitcoin ETF flows have crawled to a halt. The April halving proved to be a sell-the-news event, with post-halving rallies typically not coming in for 4-6 months.
And we are heading into summer, typically a subdued/bearish time for Bitcoin.
So Bitcoin could easily remain stuck within recent ranges for the foreseeable future. And that suggests that Solana might also be stuck within recent ranges.
But
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