Solana SOL Token Sees Fresh Surge Above $100 as Memecoin Dominance Continues

Solana's SOL token has broken above $100 for the first time in over three months, but this level is now being tested as support. The token reached a high of $102.25 before pulling back slightly to $101.45, and its Relative Strength Index (RSI) sits at 80.65, deep in overbought territory.

The surge above $100 comes on the heels of Solana's memecoin market posting $5.2 billion in weekly spot trading volume, with the token capturing roughly 85% of the market. This dominance has led some to argue that memecoins are the best and only appealing mainstream use case for crypto.

Solana's launchpad activity is also on the rise, with a record $630.83M in weekly volume, while daily active addresses hit 5 million, a fresh high. However, SOL ETF inflows have cooled from their peak pace of $33.49M to just $9.14M.

A bullish case for Solana suggests that the token could reach $110 if it continues to hold above $100 as support, but some analysts caution that a pullback to the 20-day EMA at $87.76 is possible if the token fails to maintain its current levels.