Solana SOL witnesses a price jump amid rumors and market anxiety

SOL has gained significantly by 12.3% over the past 36 hours, making it one of the best performing altcoins in a volatile market, following that price jump.

The rise was driven by several factors, including meme activity, retail investor concerns (FUD), and rumors of the listing of Solana futures contracts.

Meme coins motivate traders

Meme coin activity, such as the new coin Trump, has played a large role in Solana’s recent rise. The increased interest in these projects has led to a significant increase in Solana network activity, causing delays in some transactions and dividing opinions among traders.

While some retail investors expressed dismay at the delays, others saw it as evidence of SOL’s increasing adoption and popularity in the meme space.

This disruption prompted retail traders to sell their SOL holdings at low prices, giving whales and large wallets an opportunity to buy the coin at discounted prices.

Recent blockchain data showed that large wallets took advantage of this wave to secure potential long-term gains.

Futures listing rumors

Enthusiasm around the Solana coin increased after a leaked screenshot appeared on the X platform, showing a demo page for futures contracts for the Solana coin, SOL, and the Ripple coin,

Although the validity of these rumors has not yet been confirmed, the market has responded positively, leading to a rise in Solana’s price with expectations of increased institutional interest.

Futures are seen as an opportunity to boost the spread of the Solana token, providing an additional boost to the already active market activity.

Shifts in market sentiment

Market sentiment analyzes revealed an interesting picture within the Solana community, as the past month has seen a rise in positive sentiment, especially during a period of meme activity and futures rumors.

But what is striking is that negative sentiment was also noticeable, indicating a division in society between optimists and pessimists, yet overall sentiment remained positive, reflecting traders’ optimism about Solana’s long-term future, despite current challenges such as delays and fears.

Key levels to watch

The price of Solana token at the time of writing was $247.71, down 3.70% from the previous session after reaching a peak of $258.35.

Analysts see a clear uptrend for the coin, as Solana maintains its position above the major moving averages, with the 50-day moving average at $211.08 forming strong support, indicating continued bullish momentum.

The 200-day moving average remains at $177.55, far from the current price, which reinforces the strength of the Solana coin’s recovery. Trading volume recorded 552 thousand units in the last session, reflecting increased activity in the market, driven by meme coin transactions and futures rumors.

The crucial support level is located at $244, which is a level that Solana must maintain to avoid returning to the consolidation phase. On the upside, breaking the $260 level may lead to additional gains, targeting the range between $280 and $300.

Between enthusiasm and speculation

Solana’s recent performance demonstrates its ability to adapt to volatile market conditions, but it faces significant challenges.

While meme-driven momentum is beneficial in the short term, it carries risks of volatility and speculation. Denying futures rumors could also lead to a temporary price correction as speculative traders exit.

On the positive side, the accumulation of whales and increased network activity demonstrates long-term confidence in the Solana ecosystem, and if SOL futures are officially announced, it could lead to increased institutional participation and strengthen its position in the market.