Solana has outpaced the market today by pumping 5% as its presale enigma continues to turn heads.
The new Slothana token leads presale mania as it surges past the $7 million mark in just one week.
SOL Climbs as On-Chain Metrics Explode and Traders Predict Uptrend Continuation
Solana’s uptick is spurred by favorable price chart-related factors and growing network activity.
Currently trading at $191, SOL has jumped 5% today, 3% this week, 45% this month, and 813% this year.
Its recent pump marks a significant advancement, reclaiming the $184 level prominent analyst Rekt Capital says is crucial to retain a bullish outlook.
“Solana is still consolidating inside this potential bull flag, it recently rejected from the flag top. It must at least hold the bull flag bottom ($184) as support to maintain bullish momentum,” Rekt Capital wrote on X.
He continued, “Any downside volatility via wicking into $173 (blue) is fine as long as SOL is still able to generally stay above the Bull Flag Bottom of $184.”
After touching lows of $173 this week, reclaiming the $184 level indicates Solana’s uptrend can continue, based on the analyst’s thesis.
Similarly, popular market commentator Jelle believes Solana is primed to create a new ATH, speculating it will occur before the end of May.
In a recent tweet, he said, “Most people are not ready for SOL to make new all-time highs. I’m pretty sure it will happen before the end of May.”
However, Solana’s recent move is not purely speculative. On-chain data illustrates real demand for SOL as network activity heats up.
For instance, DeFiLlama shows that Solana’s TVL and stablecoin market cap are both on the rise, indicating traders are moving liquidity on-chain to interact with its ecosystem.
Since SOL is Solana’s native coin, it is often used in liquidity pools, and therefore, the growing ecosystem liquidity bolsters its demand.
Indeed, much of Solana’s interest stems from its high-octane meme coin frenzy, which has even been picked up by leading media outlets like Bloomberg.
The outlet noted that Solana meme coins like Dogwifhat “steal the spotlight from Bitcoin.”
However, the latest Solana meme coin trend is presales, with Slothana taking center stage as it surges past $7 million in one week.
Is Slothana the Next BOME After Raising $7M at Presale?
Slothana is not the first meme coin presale to cause a stir on Solana. Book of Meme kickstarted the frenzy, soaring to a $1 billion market cap two days after its exchange launch.
Slerf also caused a ruckus and was mentioned in Bloomberg for its unprecedented trading volume following its presale.
However, Slothana is now stealing the headlines, featured in Cointelegraph, Techopedia,
CryptoPotato, Analytics Insight, and many more.
Unlike the above-mentioned meme coins, Slothana’s presale is ongoing. This means investors can still buy at a fixed price ahead of its exchange launch.
Adding to the excitement, rumors are spreading that the Smog team is behind Slothana. Smog soared 100x to a $200 million market cap weeks after its February launch. So considering Slothana’s unwavering success, it’s no surprise these whispers have surfaced.
However, this is not just locker-room hearsay. Social media sleuths quickly identified an undeniable connection between the teams: Smog commented on Slothana’s first-ever X post saying “to the moon” when it had less than 50 followers.
Indeed, these factors set an immensely bullish precedent for Slothana. But with no predetermined hard cap announced, potential buyers should act fast to ensure they don’t miss out.
