Solana price could be on the verge of a bullish breakout after the level of positive social sentiment surged to record highs. Bullish news including the recent BlackRock adoption and a fresh meme coin frenzy on the blockchain has sparked speculation among analysts that SOL could surge 97% to $270. Can such a rally happen soon? Let’s explore.
Solana Price in Focus As Social Sentiment Surges
A recent report by on-chain analytics platform Santiment has stated that the level of positive social sentiment around Solana has surged to historic levels. This increase stems from bullish news such as the BlackRock BUIDL Fund on SOL.
“The combination of technological advantages, institutional interest, community support, and influencer engagement are contributing to a nearly unheard of positive vs. negative commentary ratio of 18:1 right now.”
Santiment revealed that for every 18 bullish comments on Solana price, there was only 1 bearish comment, suggesting traders anticipate a rebound.
Solana Social Sentiment
As the market sentiment flips positive, Solana price can extend its gains, and possibly reclaim its previous record highs.
Ghibli Meme Coin Frenzy May Fuel SOL Rally
Besides the positive market sentiment, the other factor that could drive a 96% rally for Solana price is the Ghibli meme coin frenzy. This meme coin is inspired by OpenAI’s recently launched image generation feature for ChatGPT that has received much attention including from Elon Musk.
The largest Ghibli-themed meme coin dubbed Ghiblification has seen its price surge by more than 2,600% barely 24 hours after launch. According to DexScreener, this meme coin has attained an $18M market cap.
Additionally, volumes on PumpFun have nearly doubled in the last three days according to DeFiLlama. This suggests a return of meme coin activity on Solana.
Meme coins have been a major catalyst for Solana price growth. Earlier this year, SOL surged to an all-time high amid the frenzy around the TRUMP and MELANIA meme coins. If this trading activity results, SOL is bound to rally.
Can Solana Price Reach $270?
Solana price today trades at $137 with a 5% drop in 24 hours. Despite the dip, popular analyst Ether Wizz has shared a bullish Solana price prediction, forecasting that it could reach $270 soon.
The analysis noted that SOL had bounced from a major demand zone. If it can extend this rally to the next demand area at $180, it could spark a 96% rally to $270. This price target could be achieved in less than two months.
SOL/USDT: 1-day Chart
The bullish technical outlook showcased in the daily Solana price chart and the historic high positive sentiment from traders suggest that a rally to $270 is likely to occur. Moreover, as meme coin activity on the PumpFun meme coin launchpad heightens, it could fuel parabolic gains for SOL.
The post Solana Price Eyes 96% Rally Amid Surging Social Sentiment And Ghibli Meme Coin Frenzy appeared first on CoinGape.
