MEXCUnique Crypto Tokens On SOL Hits 40M Even as Solana Price Crashes 62%, What’s Next?
Highlights
- Unique crypto tokens on Solana have hit 40M, despite the price shedding 62% from its ATH.
- The ease of creating tokens on Solana has driven the surge in unique crypto tokens, showcasing retail investors' risk-taking appetite.
- A resurgence of bullish momentum in the altcoin market could trigger a bullish reversal in Solana price, potentially pushing it to $180-$186.
Despite a brutal 62% crash in Solana price from its ATH of $295.83, the number of unique meme coins created on the Solana (SOL) blockchain is not stopping. This number hit 40M in February, showing the retail hype and speculation surrounding meme tokens is not done yet. Will the SOL hype train continue? If so, how will it impact SOL price and its recovery? Let’s find out.
Why 40M Unique Crypto Tokens Were Created On Solana Even as the Price Crashed 62%?
The unique value proposition of PumpFun that allows investors even a layman to simply create a token with a click of a button is why the total unique crypto tokens on Solana Blockchain continue to explode. Even as SOL value shed 62% in the last 52 days, this metric continues to rise, showcasing that retail investors’ risk-taking appetite is yet to climax.
Does this mean a reversal in Solana price is what’s next? Unlikely. The price action of Solana is dependent on the larger crypto market ecosystem and the macroeconomic policies that impact Bitcoin (BTC).
So, what’s next for SOL?
Will Solana Price Soar as Altcoin Dominance Hints Reversal?
The altcoin dominance, which is the combined market capitalization of cryptocurrency ecosystem excluding Bitcoin. The recent recovery of altcoin market cap above $218 billion notes that a resurgence of bullish momentum. A decisive breakout above the $229 billion to $230 billion level will suggest a shift in market structure favoring bulls. Such a development will indicate that there could be a mini bull run, which pushes the market cap to the $300 billion to $310 billion range.
Hence, investors can expect Solana, which is at the forefront of top altcoins to hold, to trigger a bullish reversal.
How High Can Solana Go?
Based on the recent price action, Solana has recovered above the February 28 swing low of $125, signaling a resurgence of bullish momentum. To add credence to the buying pressure, SOL has also produced a higher high on the daily chart.
The next key support zone is $128 to $120, a bounce here could see the altcoin propel to the range high of $179. But ideal take profit levels based on bullish Solana price predictions extend from $180 to $186.
While Solana price action remains dependent on the larger crypto market ecosystem, the surge in unique crypto tokens and potential resurgence of bullish momentum in the altcoin market hint at a possible bullish reversal.
Frequently Asked Questions (FAQs)
1. Why have unique crypto tokens on Solana hit 40M despite the price crashing 62%?
2. Is the SOL hype train a myth, or will the price recover and kickstart an uptrend?
3. What's next for Solana price, and can investors expect a bullish reversal?
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