Solana Price Forecast: Latest Rally Sets Eyes on $300 as its Next Target

A strong comeback from meme coins within its ecosystem like Pudgy Penguins (PENGU) and Bonk (BONK) along with the stellar performance of exotic tokens like Fartcoin (FARTCOIN) and Popcat (POPCAT) have aided the rally.

The combined value of Solana meme coins has surged to $14.7 billion in just a month and currently accounts for more than a fifth of the entire market cap of this category as per data from CoinMarketCap.

Meanwhile, the huge popularity of celebrity-endorsed tokens like Official Trump (TRUMP) has resulted in a significant improvement in the network’s on-chain data metrics.

The ecosystem’s total value locked (TVL) in SOL has jumped from 45.15 million at the beginning of the year to 52.78 million at the time of writing, resulting in a 16.9% increase.

Moreover, weekly trading volumes have increased to their highest levels since mid-February at $22.8 billion as a strong performance of meme coins tends to result in higher trading activity.

SOL Hit Our Previous Short-Term Target

Trading volumes in the past 24 hours for SOL have jumped by nearly 30% as FOMO seems to have taken hold.

Market sentiment has improved significantly lately as reflected by the behavior of the Fear and Greed Index, whose value has recovered from a record-low of 15 (Extreme Fear) a month ago to 73 (Greed) as of today.

This notable U-turn in the market’s attitude could be attributed to how market participants interpret the latest macroeconomic developments.

As the United States economy shrank during the first quarter of the year compared to the previous three months, the odds of an upcoming interest rate cut are higher now as the Fed could opt to reshuffle its priorities and focus more on economic growth than inflation control.

In one of the latest Solana price analyses, we emphasized that a bounce off the 21-day EMA in late April could result in a strong jump toward the $180 level. Just 11 days later, that target has been hit already.

Now, Solana seems poised to deliver what could be one of the strongest buy signals for a daily chart – a bullish crossover between the 21-day and 200-day exponential moving averages (EMAs).

The last time this happened, in September 2024, SOL delivered gains of more than 70% just two months later and rose to its latest all-time high just 4 months after.

Can Solana Rise to $300?

The trajectory of the price action favors an upcoming golden cross that could occur once the price gets to $190 – $200.

Our short-term target for SOL would be set at $212, at which point it will encounter an area where selling pressure was quite strong in the first few months of the year.

However, as market conditions have changed significantly since then and the overall tone of investors seems to be bullish, if this golden cross occurs and historical patterns repeat, SOL could rise to at least $300 in the next 3 months.

Momentum indicators show that positive momentum is as strong as it gets as the Relative Strength Index (RSI) has jumped to overbought levels while the MACD’s histogram has been trending higher for five days in a row.

The key support areas to watch at this point would be the 21-day EMA and the 200-day EMA. As long as these two supports hold, Solana will remain on track to hit these short-term and mid-term targets.

In addition, a move toward these indicators could be a good opportunity for late buyers to enter the rally in case of a pullback. As momentum indicators show, the price could experience a big setback at some point in the next few days as those who got in early may opt to take some profits off the table.