Solana price has been one of the top performers this week after bouncing from $134 to trade at $151 at press time. This rally has coincided with a surge in SOL meme coin prices, as their market cap surged by 23% in the last 24 hours to $8.7 billion. These meme coins are gaining after several investors filed a class-action lawsuit against Solana-based DEX Meteora for allegedly orchestrating a $69M pump and dump scheme.
Solana Price in Focus as Meteora DEX Lawsuit Fuels SOL Meme Coins Rally
Solana price tends to rally whenever meme coins created on the blockchain are recording gains, and this is currently the case. At press time, most of the top meme coins on Solana had registered double-digit gains, with popular ones such as BONK and dogwifhat (WIF) surging by more than 20%.
These gains come amid a lawsuit filed on April 21 that accuses Meteora DEX of giving misleading information about a SOL-based meme token known as M3M3, which launched in 2024. Data from CoinGecko shows that the M3M3 meme coin is trading at 98% below its December all-time high.
The plaintiffs claim to have lost more than $69 million within three months of investing in this token. They also accuse the developers of insider trading, fraud, and violating the US securities laws.
This development is fuelling interest in Solana meme coins, which are leading the ongoing price recovery across the crypto market. The rising demand for these meme coins is also driving gains for the SOL value today and causing a spike in blockchain activity.
Meme Coin Frenzy Boosts SOL Network Activity
The meme coin frenzy on Solana has not only caused a spike in price but also network activity. Data from DeFiLlama shows that SOL’s TVL has increased by more than $500M in the last two days alone, and it is approaching a two-month high. Meanwhile, DeX volumes have soared to $2.94 billion, which is the highest since early March.
The spike in meme coin trading activity is likely behind these rising volumes, suggesting that as long as SOL-based meme coins record an uptick in demand, the Solana price is poised to continue with its upward trajectory.
Solana Price Analysis Amid Bullish Pattern Formation
Solana price has confirmed a double bottom pattern on its daily price chart and broken past resistance at the neckline, hinting towards a continuation of the current uptrend. SOL confirmed this pattern when it moved above the resistance level of $147. If it can flip this resistance level into support, it will confirm this bullish thesis.
The first target price in this double-bottom pattern is $180, which SOL will attain if it rallies by 20% from its current price. Once it flips the $180 resistance, it will kickstart a strong uptrend towards record highs. The MACD line has crossed above the zero line, confirming the bullish Solana price forecast.
To sum up, Solana price is surrounded by a myriad of bullish catalysts, including surging meme coin activity, network growth, and a strong technical outlook. As long as these catalysts are present, SOL can hit resistance at $180 before continuing with its rally.
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