Solana-Based Memecoin Rises Over 2,500% in 30 Days to New All-Time High

A Solana-based meme-inspired cryptocurrency called Bonk Inu ($BONK) has seen its price surge over 2,500% over the past 30 days to the point its market capitalization is now close to $270 million, while its 24-hour trading volume jumped to near $120 million.

Timeline of Meme, Solana

Solana (SOL) has emerged as a prominent player in the dynamic world of cryptocurrency, showcasing a remarkable uptrend and delivering substantial gains. Despite a modest 3.6% correction in SOL price over the past 24 hours, the native token of the blockchain platform has recorded a significant increase of 43% over the past fourteen-day period.

Solana has recorded a massive surge in trading volume on two decentralized exchanges, Raydium and Orca, in the last seven days. According to data, this dramatic surge birthed a 42% increase in SOL's Total Value Locked (TVL).

With the approval of the Bitcoin Spot ETF approaching, the crypto market is highly bullish and widely welcomes any positive news. Recently, the CEO of ARK Invest, Cathie Wood, boasted of the speed and efficiency of the Solana blockchain, driving the SOL price higher.

A top cryptocurrency strategist that has gained a large following on social media after accurately calling bitcoin's 2018 bear market bottom above $3,000 has recently suggested that the price of Solana (SOL) could keep on soaring, even after moving up 510% year-to-date.

While many cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) have been carefully testing new resistance levels throughout the current market rally, Solana (SOL) has been on a remarkable, almost unbroken, upward trend.

This noteworthy increase is accompanied by a substantial rise in trading volume, reaching $3,355,376,632. While other cryptocurrencies, including Bitcoin, face challenges in maintaining price stability, Solana's remarkable performance sets it apart in the market.

Select altcoins continued with the Q4 rally after the release of the United States Consumer Price Index (CPI) data on Tuesday. This bullish outlook included tokens like Solana (SOL) up 20%, Chainlink (LINK) up 5%, Avalanche (AVAX) up 17%, Cardano (ADA) up 4.2%, and more.

Solana (SOL), with its current price action, can be said to have changed the "gold standard" in the altcoin world. At the time of writing, Solana is up 17.88% to $62.07, a clear case of growth decoupling from Bitcoin.

A widely followed crypto trader is predicting that Solana (SOL) will resume moving to the upside after a sudden retracement. Pseudonymous analyst Bluntz tells his 228,600 followers on the social media platform X that Solana could soar by more than 22% from its current value. Bluntz utilizes the Elliott Wave theory in his technical analysis.

The tokens crossed $63, reaching a level previously seen in May 2022. Trading volumes spiked to over $3.5 billion, up more than 70% from average levels of $2 billion each day at the start of November.