- Analysts gave SOL a strong performance after the US elections.
- The analysts cited strong fundamentals and price chart positioning.
Solanas [SOL] the price prospects looked great in the post-election scenario. According to analysts, the asset’s strong fundamentals and market positioning suggested the altcoin was likely to perform well after the US elections.
One of the analysts, Eugene Ng Ah Sio, cited SOL’s strong defense of $161 as support and the renewed craze for AI meme coins as key factors for the positive outlook. Part of his update read,
“Technically, SOL retesting a six-month resistance and turning it into support after showing extreme relative strength was the place to bid.”
Source: SOL/USDT, TradingView
According to Eugene’s chart, SOL has crossed $161, a key resistance level since April. It reclaimed it as a support level and could set the altcoin for higher goals.
Boost by AI memecoin craze
On the fundamental side: the recent mania around AI memecoins like Goatseus Maximus [GOAT] was a huge boon to the Solana network. Eugene added,
“$SOL has hands down been the clear asset choice since the rise of AI memecoins, given how literally everything happens on Solana today”
Coinbase analysts also echoed the above apparent catalyst for SOL. In their weekly market commentary, David Duong and David Han declared,
“AI agents and memecoins are back in the spotlight, which seems to have huge benefits for the Solana ecosystem.”
The analysts cited a surge in Solana-based DEX (decentralized exchanges) volume, which are trading hubs for the new AI memecoins.
The Analysts noted that DEX volume exploded to nearly $15 billion, doubling that of Ethereum [ETH] $7.9 billion.
Given the positive correlation between SOL’s price and DEX volume, the altcoin could benefit more if the AI memecoin hype continues post-election.
Source: Coinbase
That said, market positioning at the time of writing was skewed toward bullish bets. According to Coinglass’ Binance Top Trader positioning, 62% of positions were net long on SOL.
This indicated a strong belief in a positive price outlook. If the trend continues, SOL could reach the $180 or $185 target in the near term.
Source: Coinglass
