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Solana rose 35% in the last week, pushing prices to $130 on March 1, the highest level in almost two years. While analysts have many different theories to explain the surge, including the success of Solana-based meme coins like WIF, investors have been more interested in determining the longevity of this latest price surge.
Meanwhile, news that GFOX had sold over 97% of its allocated presale tokens has drawn even more interest from investors.
Can Solana bulls sustain rally?
Solana offers swift transaction speed and low fees.
The network supports smart contracts, allowing the deployment of dapps and minting of NFTs.
Moreover, its proof-of-history (PoH) and proof-of-stake (PoS) mechanisms have been lauded as key innovations.
SOL has been, nonetheless, volatile. It rose to $259.96 on Nov. 6, 2021 before plunging to as low as $0.5008 on May 11, 2020.
On Feb. 23, SOL attempted to push past the $100 mark. Prior to its 35% rise, the token had only increased by 2% from Dec. 23, 2023, to Feb. 23, 2024. This was at a time when coins like Bitcoin and Ethereum were also trending.
Some analysts have proposed that $SOL’s new price can be attributed to the 30% increase in its total value locked (TVL) from November 2022. Others points to swelling NFT trading volume, which reached $7.8 billion on OpenSea, as the primary reason behind the spike.
While SOL has the potential to rally further, given its recent pump, the token is in the overbought territory and may soon see another pull-back.
While the crypto market is soaring, pumping above $60,000, other altcoins like GFOX may also benefit.
GFOX presale nearly sold out
In the Galaxy Fox presale, over 97% of allocated tokens have so far been sold in stage 8.
The platform is a blend between meme coins and play-to-earn games.
Its Web3 Runner game is designed to merge entertainment with financial incentives. Players with the highest rankings win prizes at the end of each gaming season.
The network runs a token burn mechanism that further enhances its value by creating scarcity. This feature might support prices in the long term.
The network also has “Stargate,” which is a dedicated platform to reward GFOX stakers with a percentage of every transaction fee in the ecosystem.
Analysts remain bullish, expecting more price gains in the future.
Final thoughts
Solana is surging, adding 35% in the last week. Analysts pin this upswing to multiple factors. Meanwhile, the GFOX presale is almost ending. Over 97% of allocated tokens have been sold. The platform offers a unique blend of meme coin features, play-to-earn utility, and innovative tokenomics.
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