Solana (SOL) Price Prediction: Can the Ghibli Meme Coin Frenzy Fuel a 96% Rally?

A recent report by on-chain analytics platform Santiment has stated that the level of positive social sentiment around Solana has surged to historic levels.

A recent report by on-chain analytics platform Santiment has stated that the level of positive social sentiment around Solana (SOL) has surged to historic highs.

This increase stems from the combination of technological advantages, newsworthy events such as the BlackRock BUIDL Fund on SOL, and community support.

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

For every 18 bullish comments on Solana price, there was only 1 bearish comment, suggesting that traders are largely anticipating an upcoming rebound for the beleaguered crypto.

However, despite the overall negative sentiment, the level of positivity is nearly at all-time highs, and if this continues, it could help Solana price to recover and reach previous record highs.

Ghibli Meme Coins May Fuel 96% Rally For SOL

Apart from the positive market sentiment, another factor that could drive a 96% rally for Solana price is the Ghibli meme coin frenzy.

These meme coins are 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 is called Ghiblification and has seen its price surge by more than 2,600% after launching yesterday. According to DexScreener, this meme coin has already 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 resumes, SOL is bound to rally further.

Can Solana Price Reach $270?

Solana price today drops by 5% in 24 hours to trade at $137. However, 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.