Solana (SOL) Price Could Breakout and Surge 97% to $270 After Social Sentiment Reached Record Highs

Solana price could be on the verge of a bullish breakout after the level of positive social sentiment surged to record highs.

Solana price could be on the verge of a bullish breakout after the level of positive social sentiment surged to record highs.

Solana Could Surge 97% to $270 as Social Sentiment Flips Positive and Meme Coin Activity Booms on PumpFun

On-chain analytics platform Santiment has noted that the amount of positive vs. negative commentary around Solana has reached nearly unheard-of levels.

“The combination of technological advantages, institutional interest, community support, and influencer engagement are contributing to a nearly unbelievable 18:1 positive vs. negative commentary ratio right now.”

For every 18 bullish comments on Solana price, there was only 1 bearish comment, suggesting that traders are largely anticipating a rebound.

As the market sentiment flips positive, Solana price can extend its gains, and possibly reclaim its previous record highs.

Ghibli Meme Coin Frenzy May Fuel 96% Rally for SOL

Besides the positive market sentiment, the other factor that could drive a 96% rally for Solana price is the Ghibli meme coin frenzy. This meme coin is inspired by OpenAI’s recently launched image generation feature for ChatGPT that has received much attention including from Elon Musk.

The largest Ghibli-themed meme coin dubbed Ghiblification saw its price surge by more than 2,600% on Monday, 24 hours after launch. This meme coin has since attained an $18M market cap.

Additionally, volumes on PumpFun have nearly doubled in the last three days according to DeFiLlama. This suggests a return of meme coin activity on Solana.

Meme coins have been a major catalyst for Solana price growth. Earlier this year, SOL surged to an all-time high amid the frenzy around the TRUMP and MELANIA meme coins. If this trading activity results, SOL is bound to rally.

Can Solana Price Reach $270?

Solana price today trades at $137 with a 5% drop in 24 hours. Despite the dip, popular analyst Ether Wizz has shared a bullish Solana price prediction, forecasting that it could reach $270 soon.

The analysis noted that SOL had bounced from a major demand zone. If it can extend this rally to the next demand area at $180, it could spark a 96% rally to $270. This price target could be achieved in less than two months.

The bullish technical outlook showcased in the daily Solana price chart and the historic high positive sentiment from traders suggest that a rally to $270 is likely to occur. Moreover, as meme coin activity on the PumpFun meme coin launchpad heightens, it could fuel parabolic gains for SOL.