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Solana’s native token, $SOL has staged a strong recovery, surging 8.5% on March 24 and reclaiming the $142 level for the first time in two weeks. This upward movement aligns with a broader market rally, driven by a renewed appetite for risk assets and growing expectations that economic conditions may stabilize. Notably, memecoins have also seen explosive gains, with several rallying over 12% since March 23. What’s Fueling SOL’s Recovery? 1️⃣ Network Growth & Increased Activity Despite recent underperformance, Solana remains the second-largest blockchain in total value locked (TVL), currently standing at $6.8 billion. Major protocols like Jito (liquid staking), Kamino (lending), and Jupiter (DEX) continue to drive engagement, supporting long-term adoption. 2️⃣ Solana ETF Speculation Gains Momentum Institutional interest in Solana is growing, with traders anticipating a potential spot Solana ETF approval by the U.S. SEC later this year. If approved, this could legitimize SOL further and open the doors for significant institutional inflows. 3️⃣ Trump’s Memecoin Buzz Fuels Market Excitement A weekend social post from President Donald Trump helped propel the memecoin sector, leading to double-digit gains for Solana-based assets like Fartcoin (+15%), Dogwifhat (WIF +12%), and Pudgy Penguins (PENG +12%). This increased speculative interest is drawing more attention to the Solana ecosystem. 📊 SOL’s Market Position & Outlook 🔹 Current Price: $142 🔹 Still 52% Below All-Time High ($295) 🔹 Solana Fees Now Exceed Ethereum’s Base Layer ($1M+ per day) 🔹 Leverage from Binance Whales is Increasing (Long-to-Short ratio hits 2.40) Despite being down 23.7% in the last two months, Solana’s strong fundamentals suggest that the recent correction may have been overdone. The surge in network fees, increasing revenue, and growing institutional interest set the stage for further upside. Will SOL Break Out Further? If SOL maintains support above key technical levels, bullish momentum could push prices toward $150+ in the near term. However, failure to hold recent gains could lead to another test of lower supports. With ETF speculation, network expansion, and whale accumulation on the rise, Solana remains one of the top assets to watch in the crypto space. Can it reclaim new highs in 2024? Time will tell.

Several Solana network-specific and broader crypto-focused factors are behind SOL’s price recovery. Solana's native token, SOL $SOL $139.83 gained 8.5% on March 24, reclaiming the $142 mark for the first time in two weeks. This rally mirrored the gains seen across the broader cryptocurrency market as traders began to expect reduced risks of an economic downturn. The growing risk appetite can also be seen among memecoins, several of which rallied by 12% or more since March 23. Outside of the broad market rally, $SOL has its own merits, including a rise in network activity and the direct involvement of US President Donald Trump with the memecoin market. Additionally, growing interest from top traders on exchanges and the increasing likelihood of a spot Solana exchange-traded fund (ETF) approval suggest further potential for SOL’s price growth. Despite the recent rally, SOL has underperformed the broader crypto market by 23.7% over the past two months. This weakness is linked to a 93% decline in Solana network fees during that period. The decline likely began with traders’ disappointment in the memecoin sector but gradually affected the entire decentralized application (DApps) market. $SOL still trades 52% below its all-time high Traders now question whether the selling was an overreaction, as SOL is currently trading 52% below its all-time high of $295. This comes despite Solana remaining the second-largest blockchain in terms of total value locked (TVL) and ranking third in onchain volumes. For comparison, BNB is trading 20% below its all-time high, and XRP is 28% below its peak. While Tron and BNB Chain provide competition in terms of onchain volumes, deposits in Solana network’s smart contracts are valued at $6.8 billion. In third place, BNB Chain holds 21% less TVL, with $5.4 billion. Key highlights on Solana include the Jito liquid staking solution, Kamino lending and liquidity platform, and the Jupiter decentralized exchange. The fees on the Solana network are now higher than those on the Ethereum base layer, surpassing $1 million per day. More importantly, Solana's revenue has recently reached its highest levels in two weeks. While still far from the levels seen two months ago, the increase in Solana network activity suggests that the bottom may have been reached as the numbers continue to improve steadily. As a comparison, Ethereum accrued less than $350,000 in fees on March 23, leading to an increase in ETH supply as the built-in burn mechanism failed to offset weak blockchain activity. Solana, on the other hand, offers a 7.7% native staking reward rate, surpassing the equivalent 5.1% inflation rate, according to StakingRewards data. Solana ETF decision nears while Trump tweet boosts memecoin momentum Despite SOL’s price weakness, top traders on Binance have increased their leveraged long (bull) positions on SOL, according to CoinGlass data. The long-to-short ratio among top traders on Binance surged to 2.40 on March 23, its highest level in over two months. Part of the excitement can be attributed to the anticipation of the spot Solana exchange-traded fund (ETF) approval in the US. The US Securities and Exchange Commission is expected to issue its final verdict before the end of the year, according to Matthew Sigel, VanEck’s head of digital asset research. Although success is not guaranteed, the eventual spot Solana ETF approval would set SOL apart from its competitors, adding legitimacy to the asset, especially among institutional investors. Another source of momentum came from a weekend social post by President Trump, which explicitly mentioned the TRUMP memecoin and helped to create a buzz in the sector. In the Solana ecosystem, Fartcoin gained 15% on March 24, Dogwifhat (WIF) rallied 12%, and Pudgy Penguins (PENGU) traded up by 12%. Ultimately, SOL has significant potential for higher gains, given the network’s TVL and fees, especially in comparison to competitors, along with bullish positioning from whales using leverage.

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Fartcoin, the third-biggest meme coin on the Solana ecosystem, fires on all cylinders as charts signal more upside Fartcoin (FARTCOIN) has jumped to $0.60, its highest level since February 11, and is up 180% from its lowest level this year. This rebound has pushed its market cap to $510 million. The ongoing rebound has coincided with the ongoing Solana (SOL) meme coin recovery. Bonk (BONK) has jumped by 35% in the last seven days, while Dogwifhat (WIF), and Popcat (POPCAT) have soared by over 20%. As a result, the market cap of all Solana meme coins has jumped from $7.5 billion last week to $8.6 billion today. It has also happened as other cryptocurrencies have bounced back. Bitcoin has crossed the $88,000 milestone, while Ethereum has moved above $2,000. Most altcoins have also rebounded, with the market cap of all cryptocurrencies hitting $2.87 trillion. You might also like: Solana meme coins suffer $15b wipeout, insiders and snipers dump The rally accelerated on Monday after media reports suggested that Donald Trump’s reciprocal tariffs would exclude highly industrial items like cars, semiconductors, and smartphones. This also explains why U.S. equities jumped, with the Dow Jones, Nasdaq 100, and S&P 500 rising by over 1.5%. Launched in October last year, Fartcoin was one of the best-performing meme coins in the crypto industry as it jumped from $0.012 to $2.70. Its market cap rose from less than $22 million shortly after launch to over $2.4 billion. Fartcoin price has formed a bullish pattern The daily chart shows that Fartcoin bottomed at $0.2015 this month and then staged a slow recovery to the current $0.60. It is hovering at its highest level since February. Fartcoin is also trading at the 78.6% Fibonacci retracement level. Most importantly, it is forming a rounded bottom pattern, which is characterized by a gradual, U-shaped curve. This pattern often signifies a shift in market sentiment as selling pressure eases. In some instances, the rounded bottom is a crucial part of the formation of a cup and handle pattern. Momentum indicators like the Relative Strength Index and the MACD have pointed upwards, meaning that it is gaining momentum. Therefore, it will likely continue rising as bulls target the key resistance point at $1.3732, the 50% retracement point. This target is about 135% from its current level.

$WIF Bullish Dogwifhat($WIF): A Memecoin with Cultural Influence Current price: $0.4908 Market cap:$490.29M Dogwifhat has gained common recall in the digital asset space. This memecoin, known for its easy-going branding and strong online presence, has created a dedicated following. Its success demonstrates the growing meeting of internet culture and cryptocurrency markets, making it a standout in the memecoin sector.