Solana’s price has risen above $150 – is it worth buying in April?

Cryptocurrency Solana after falling to $121 (April 13) 2 days later rose to $155. One of the catalysts for the token’s rise was the release of a blockchain update. According to a statement from the developers, the upgrade is aimed at eliminating network congestion. Another notable driver of SOL and the overall market remains bullish ahead of the upcoming bitcoin halving in April.

Solana price forecast for April – blockchain’s popularity continues to grow

Although the SOL price has been in sideways movement along with bitcoin, meme cryptocurrencies on the Solana network have maintained an uptrend. On April 5, the blockchain experienced a glitch, causing 75% of transactions to fail to be processed. The network overload coincided with an increase in the number of meme token launches, including the novelty SLOTH. The activity of traders also influenced.

Slothana (SLOTH) is a meme coin based on Solana, which conducts atypical for the cryptocurrency market presale. The token went viral on social network X, gathering a fanbase of 19,000 users in 3 weeks. The number of investments raised in the same period exceeds $10 million, and the token will be listed in 13 days.

Instead of splitting the presale into several rounds and gradually increasing the value of the asset, the team gave all traders an equal opportunity. Users receive SLOTH cryptocurrency by transferring SOL tokens to a wallet address. This, in turn, makes the process of participating in the presale easier and more transparent. The popularity of the blockchain on which the cryptocurrency is developed and the growing volume of investments indicate that Slothana could become one of Solana’s leading meme tokens.

The digital asset SOL is likely poised for a bull rally, too. Crypto analyst Bluntz believes the coin could jump to $224 as early as April 22.

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Wrapping up

Solana rose in the first quarter of 2024 on the back of higher transaction volume on decentralized exchanges operating on its network. Trading on DEX increased by 332% (largely due to meme coin exchanges). Overall, the Solana ecosystem has seen an increase in activity. New projects, a store for developers, an extension for tokens, the launch of meme cryptocurrencies, etc. were realized.

Kirjoittaja: Saifedean Ammous, kryptovaluutan taloustieteen asiantuntija.