SOL Price Jumps 7% on Franklin Templeton’s Support for Solana
Solana has gained 3.6% in the past day and 18% in the past three days as it reverses momentum after a horrid month in which SOL shed a quarter of its value. Solana’s ecosystem continues to grow, with technical analysts projecting that Jito (JTO) and Jupiter (JUP) will embark on a bull rally, but oracle [...]
- Solana has gained 3.6% in the past day and 18% in the past three days as it reverses momentum after a horrid month in which SOL shed a quarter of its value.
- Solana’s ecosystem continues to grow, with technical analysts projecting that Jito (JTO) and Jupiter (JUP) will embark on a bull rally, but oracle network Pyth remains trapped in a bear cycle.
Solana had a disappointing April; SOL started the month just below $190 but went on a downward spiral that saw it dip below $120. However, over the past three days, the crypto has reversed the momentum and is on an uptrend, gaining over 19% since the turn of the month.
SOL trades at $142.40 at press time, gaining 4.27% in the past day despite a 22% dip in trading volume to $3.194 billion, the sixth-highest in the market.
On May 1, SOL hit a monthly low at $119.56, its lowest price since early March, with FTX estate’s looming sales partly to blame, as Crypto News Flash reported. Since then, SOL has shown its resilience, shooting up 19.17% as market sentiment slowly shifts and bulls take control. Other cryptos have also been on an upward trajectory since the month started, with BTC rising from $56,800 to trade above $61,000 today, while Ethereum gained 7.3% to trade above $3,000 for the first time this month.
SOL’s surge today saw it break past the 23.6% Fibonacci retracement level of its dip from $160 to $119. More importantly, the crypto breached a bearish trend line that has been in place since April 24 (the downward line shown in blue on the graph below).
The $142 level has proven a significant resistance for SOL, but now that it has breached it, the crypto needs to maintain its momentum above this level to set itself up for medium-term gains. The next resistance is at $150. Conversely, if SOL can’t maintain momentum above $142, the next support is around $132.
Solana Ecosystem Shines: POPCAT, JTO, JUP Make Gains
SOL’s success could depend on the success of ecosystem tokens. In the bull run that started late last year, SOL was greatly pushed by the rapid growth of the Solana ecosystem, with meme coins like Dogwifhat and BONK shattering records.
These dog-themed coins have faded away quietly as cat-themed tokens have their day in the sun. In the Solana ecosystem. Popcat is setting the pace. The cat-themed meme coin has surged 74% since May 1, from $0.3469 to $0.6049.
$Solana memes to the moon
All the Solana memes I called are always the first and quick to recover.
Some with a good pump
$POPCAT did a new All time high with over 50% pump today
— Julius Elum (@JuliusElum) May 2, 2024
Away from the meme coins, other Solana projects have continued to grow. Jito, the leading staking pool service in the ecosystem, has skipped past Marinade, another staking solution, to become the leading project in terms of total value locked (TVL) on Solana. According to DeFiLlama, Jito now holds $1.44 billion despite losing 18% of its TVL in the past month.
Jito’s native token, JTO, has gained 6% in the past day to trade at $3.68. As the graph below shows, it’s trading on an ascending support line, and its outlook remains bullish.
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