Solana News: SOL Price Soars and Ponke Meme Coin Explodes in Trading Volumes

Solana (SOL) Price Forecast for March 3: Bulls in Control

The cryptocurrency market has seen significant volatility, with Solana (SOL) standing out with noticeable gains. SOL has risen by 15.92%, attracting traders and investors. The hourly chart shows local support at $157.29, crucial for short-term price stability. A daily close significantly higher could signal continued bullish momentum.

PONKE Rises by 48% as Trading Volumes Explode

Ponke (PONKE), a Solana-based meme coin, has surged by 48.2% as trading volumes unexpectedly exploded in the past 24 hours. According to data from CoinMarketCap, $70.9 million worth of PONKE have exchanged hands, resulting in a 700% surge and accounting for 55.3% of the token’s circulating supply. The token has a market cap of $108.3 million and was listed by Kraken in October last year. However, Raydium, Bybit, and Gate.io currently account for nearly 40% of its daily trading volumes.

Solana to $500? Trump’s Crypto Reserve Plan Fuels SOL Speculation

President Donald Trump’s announcement on Truth Social has reignited bullish sentiment around SOL. Analysts predict a price surge towards $500 if the market rebounds. Speculation is also mounting over a potential Solana ETF approval and growing institutional interest. Trump’s plan to make America a global leader in crypto includes a Crypto Strategic Reserve holding assets like Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Cardano (ADA), and XRP. SOL was trading at $169.77, up 18.05% following the announcement, but has since dropped back to $135.

Solana (SOL) Price Surge Fades Amid Rising Sell Pressure

Solana (SOL) surged 24.4% in a single day, reclaiming the $180 mark after U.S. President Donald Trump’s endorsement of its potential inclusion in the U.S. Strategic Crypto Reserve. This event injected fresh Optimism into the market and fueled an initial wave of buying, with trading volume surging 480% and some analysts predicting the next key resistance could be as high as $213. However, the bullish momentum was short-lived, and SOL has since faced challenges, prompting concerns about its short-term price direction.