Solana Price Rally Backed by Surging Wallets and Meme Coin Craze

• Over the past 30 days, Solana’s price rose by 40%, helped by more wallet addresses and higher trading activity.
• Meme coins such as BONK and PENGU helped Solana’s ecosystem, making the total meme coin value reach $14.7 billion.
• Analysts say SOL might rise to $217 or even $268 with sustained bullish momentum.

Solana ($SOL) has shown notable growth in both activity and price as more users come on board and meme coins become popular. Glassnode reports that more than 11.04 million wallets now hold at least 0.1 SOL, a figure that hit a record on May 11. This growth in wallet numbers reflects Solana’s steep price run to $173.74, which is its strongest showing since March and a 40% rise in the last month.

Multiple metrics show that Solana’s user base is getting bigger. The overall count of addresses continues to go up, with spikes in active and new wallets occurring when prices rise. With a consistent throughput of 1,190 transactions each second, the network proves it can scale with more demand.

Weekly DEX volumes hit $35.6 billion for the strongest showing in over two months. According to Blockworks Research, protocol revenue increased to $25.9 million. With TVL increasing by 58% to $22.1 billion, confidence among Solana investors is also on the rise.

Meme Coins Drive On-Chain Frenzy

Solana’s return to prominence comes in large part from the quick growth of meme coins within its ecosystem. Bonk (BONK), Pudgy Penguins (PENGU), Fartcoin (FARTCOIN), and Popcat (POPCAT) are attracting more attention lately. Solana-based meme tokens now have a total market cap of $14.7 billion after just one month.

CoinMarketCap reports that these assets account for over 20% of the total meme coin market. The popularity of meme coins, such as Official Trump (TRUMP), is driving up both transaction volume and user interaction on Solana dApps.

Consequently, SOL’s USD trading pair market share increased from 27% to 38%. FOMO has increased strongly, showing a 30% rise in trading volumes every 24 hours. The Fear and Greed Index was at 15, which shows extreme fear, but now it has risen to 73, pointing to a more bullish trend.

Price Outlook Targets $217 and Beyond

With an RSI level of 71.06 on the daily chart, the market shows an overbought signal. Meanwhile, MACD points to a bullish scenario because the blue line is still above the signal line and shows a positive value. These indicators imply the price could go up even though it is temporarily overbought.

Market analysts expect further gains. VIP ROSE TR believes $217.6 is the short-term resistance, and $268.9 is the expected channel top. The $171 level is currently important support, and as long as the price does not fall below it, reaching higher targets is possible.

Weekly charts show the same pattern. SOL has surpassed the downward trend resistance lines, indicating a positive breakout to the upside.