Solana’s price has jumped by over 4.80% in the last 24 hours to reach an intra-day high of around $173 on May 29. After its latest climb, the cryptocurrency is looking to post 35-40% returns by the end of the month, its best since December 2023.

The uptick in SOL’s value today can be linked to several factors. Key among these is a favorable governance vote for Solana validators and the impressive performance of Solana-based memecoins. Let’s explore these bullish catalysts in detail.

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Solana’s validator governance vote

On May 27, the Solana community voted to allocate 100% of priority fees to network validators, ensuring they are adequately rewarded for their role in maintaining the network’s security and efficiency.

Validators are essential for confirming transactions and maintaining the integrity of the blockchain. Higher incentives may encourage more validators to join and stay in the network, enhancing its overall reliability and robustness.

Traders view these improvements as signs of a strong and resilient network, encouraging more investment and speculative trading. This sentiment has driven the SOL price up by approximately 6.5% since the vote, as illustrated below.

Solana-based memecoins are exploding

Solana’s price rally today coincides with an ongoing explosion across its network’s memecoins.

For instance, Dogwifhat (WIF), the leading Solana memecoin by market capitalization, has surged by over 21% on a 24-hour adjusted timeframe. Similarly, other top memecoins, including Bonk (BONK), BOOK OF MEME (BOME), and Popcat (POPCAT), have surged 14-15% in the same period.

This memecoin frenzy accompanies a rise in deployed transactions and revenues across the Solana ecosystem, per the data provided by Dune Analytics dashboard pump.fun. Today’s SOL price rise, in particular, precedes a sharp rise in the said metrics, as shown below.

The Solana network growth follows a report that showed that most of the new projects launching on its blockchain were memecoins. As a result, the total value locked (TVL) across the Solana ecosystem has grown significantly in 2024.

The influx of new tokens, particularly memecoins on Solana, indicates heightened activity and growing platform adoption. More token launches typically lead to increased transactions and network usage, driving demand for SOL and explaining why the Solana price is up today.

SOL price technical setup highlights more upside

Today’s SOL price gains further appear due to a strong buying sentiment at a support confluence comprising its 50-day exponential moving average (50-day EMA; the red wave in the chart below) and the 0.236 Fibonacci retracement level.

This support confluence is also around SOL’s multi-month ascending trendline that has been capping the cryptocurrency’s downside attempts since December 2023. Together, these support levels could encourage SOL’s price to rally toward the 0.0 Fib level at around $206.50 in June.

Conversely, a decisive break below the support confluence and the ascending trendline could take SOL’s price down to the 0.382 Fib line at around $133 in June, down circa 22.75% from the current price levels.