Solana price bounced back after plunging to a 13-month low earlier this week as some popular meme coins in its ecosystem bounced back.
Solana (SOL) rose to $125 on Saturday, up by over 30% from its lowest level this year, bringing its market cap to over $64 billion.
The ongoing recovery is partially because of the recent performance of some tokens in its ecosystem. Fartcoin (FARTCOIN) price has soared by over 81% in the last seven days, while Popcat (POPCAT) is up by 57%.
Other top-performing Solana tokens were Gigachat, Goatseus Maximus, Fartboy, and Vine. Their rebound helped to push the total market cap of all Solana meme coins to over $7.02 billion.
Solana’s decentralized exchange network has also performed well, with protocols in its ecosystem handling over $14 billion in the last seven days and $46 billion in the past thirty days. Most of this volume was in Orca, Raydium, and Pump.
Nansen data shows that Solana handled over 350 million transactions in the last seven days, making it one of the most active chains in crypto. This is a 4.8% increase from the previous week. Also, active addresses jumped by 15% to over 28.13 million.
Solana price technical analysis
Technicals point to an eventual SOL price rebound after it formed a falling wedge pattern. This pattern comprises two down trending and converging trendlines and is a popular bullish reversal sign.
The two lines converged at a crucial support level, which it has avoided moving below several times since last year. Also, the Relative Strength Index and the MACD indicators have continued rising this week.
Therefore, the coin will likely have a strong bullish breakout. The next key point to watch is $150, up by 20% above the current level. A drop below the key support at $110 will invalidate the bullish outlook.
