The latest report from CoinGecko indicates that, in the first quarter of 2024, the top ten memecoins on Solana (SOL) have seen a significant increase of +801.5%, equivalent to 8.32 billion dollars. 

At the end of the quarter, their total market capitalization stood at 9.36 billion dollars. 

Let’s see below all the details. 

The rapid growth of the top 10 memecoins on Solana according to CoinGecko’s report

As anticipated, in the first quarter of 2024, the top ten memecoins on Solana (SOL) recorded a significant increase of +801.5%, corresponding to 8.32 billion dollars. 

At the end of the quarter, their total market capitalization reached 9.36 billion dollars.

Among the top ten Solana memecoins, only Bonk (BONK) and Samoyedcoin (SAMO) existed before the fourth quarter of 2023. BONK, the leading memecoin on Solana since its launch in December 2022, was introduced by dogwifhat (WIF) in early March. 

WIF was launched in November 2023. In the meantime, Book Of Memes (BOME) was launched on March 14, reaching a market capitalization of 1 billion dollars in just two days.

According to Solscan, almost 5k SPL tokens have been distributed every day in the last quarter. Furthermore, Solana has continued its rally since the fourth quarter of 2023, ending Q1 of 2024 at 202.8 dollars.

The growing craze for Memecoins and the search for airdrops have continued to stimulate interest and activity on L1, probably contributing to the increase in prices. 

However, high levels of on-chain activity have caused network congestion in March, making the chain sometimes unusable.

The average daily volume has almost doubled from $2.0 billion in the fourth quarter of 2023 to $3.85 billion in the first quarter of 2024, recording a QOQ variation of +92.8%.

Due to a validation client bug, Solana experienced a 5-hour outage on February 6, almost exactly one year after its last major 19-hour outage on February 25, 2023. 

Nevertheless, the interruption had a minimal impact on the price of the SOL token.

Brief focus on the price of the Solana crypto

Recently, the price of Solana has dropped below the $150 level against the US dollar, with the price currently trading below $150 and the 55 simple moving average. 

On the four-hour chart of the SOL/USD pair (provided by Coinbase), a key bearish trendline is forming, with resistance near $155.

Although there is a possibility of a recovery, the upward movements could be limited above the $150 threshold. Furthermore, the price of Solana is in a bearish zone below $160, in line with Bitcoin, and could experience further losses if it remains below the $150 resistance.

Recently, the price of SOL has started a new decline, breaking below the $180 support area and gaining bearish momentum below the $162 area. 

The bears have pushed the price below critical levels of $155 and $150, with a recent low recorded around $127.68.

Currently, the price is consolidating losses and could attempt a recovery above $135 or the 23.6% Fibonacci retracement level from the high of $156.27 to the low of $127.68.

If further gains occur, immediate resistance is found around $142 or at the 50% Fibonacci retracement level of the decline from the high of $156.27 to the low of $127.68. 

The next significant resistance is at $150, with a key bearish trendline close to $155.

For a possible continuation to the upside, the price must surpass the resistance at $155 and then aim for $162, above which it could target $180 and beyond. 

However, a break below the $130 support could trigger further declines, with the $115 level as a possible next target.