Solana Is Climbing Today Thanks to This Memecoin

Solana (SOL) is up today, benefitting from positive crypto market news and the hype around a new memecoin.

Written by: Timothy St. John • Monday, May 27, 2024 • 2 min read

• Last updated: Monday, May 27, 2024

Crypto token Solana (SOL) is up by 5.78% today, coming out of a slump that started a week ago. Is SOL gearing up for a bull run?

It could be, as Solana is benefitting from the release of its new memecoin, Sealana (SEAL). The memecoin is described as an all-American hillbilly token and earned $3 million in purchase in a month’s time.

Thanks to the boost from $EAL, Solana is higher than most of the top crypto coins today. Solana has a strong history with memecoins, including Popcat (POPCAT) and Bonk (BONK), both of which climbed to a spot among the top ten memecoins within their first year.

There is every indication that Sealana will be a repeat for the company. That is certainly what investors seem to think as they are helping Solana climb today.

Solana’s Outlook for the Week

Already for this month, Solana has gained 28%. We believe it could be starting a new bull trend and could go much higher, gaining back the recently lost ground and aiming for a new all-time high this year.

The coin is at $171.74 (SOL/USD) currently and rising. Trade volume is slightly elevated from yesterday and is at a healthy $2.6 billion per day.

What may also help Solana is that cryptocurrency is gaining favor among investors. Thanks to the SEC approving spot ether ETFs, crypto tokens are seen as more legitimate than they were before, and that helps the entire market.

Right now. Soalan is climbing faster than most of its competition, and we could see it set a new support level by the time its current upwardtrend is over.

Investors should keep in mind that inflation news that comes across as negative will hurt Solana, though. Recently, the FOMC meeting gave unpleasant news about US inflation, and the crypto market took a dip. We may see another downswing if more negative inflation news releases.

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ABOUT THE AUTHOR See More

Timothy St. John

Financial Writer - European & US Desks

Timothy St John is a seasoned financial analyst and writer, catering to the dynamic landscapes of the US and European markets. Boasting over a decade of extensive freelance writing experience, he has made significant contributions to reputable platforms such as Yahoo!Finance, business.com: Expert Business Advice, Tips, and Resources - Business.com, and numerous others. Timothy's expertise lies in in-depth research and comprehensive coverage of stock and cryptocurrency movements, coupled with a keen understanding of the economic factors influencing currency dynamics. Timothy majored in English at East Tennessee State University, and you can find him on LinkedIn.