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New Solana Meme Coin Surges 430% Amid Recovering Market

2 mins
Updated by Daria Krasnova
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In Brief

  • Solana meme coin Banana Tape Wall (BTW) is up 430% in the last 24 hours.
  • The recovering market is helping the SOL meme assets’ market cap to rise by 12%.
  • Solana’s price is also climbing back on the daily chart, rising by 20% in two days.
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Solana (SOL) meme coins have been the market’s focus following the rise of dogwifhat (WIF), BONK, and other tokens.

However, this does not make every new hot trending meme asset a must-have since some don’t have much to offer, like Banana Tape Wall (BTW).

Why This New Solana Meme Coin Skyrocketed?

Solana meme coin, BTW, was the best-performing token in its category over the last 24 hours. The asset registered a 430% rise even when the rest of the market barely recovered from the recent drawdown.

BTW, which is trading at $0.0143 at the time of writing, may have seen a considerable rise, but the coin may not be worthy of being a part of anyone’s portfolio. This is because new meme coins are vulnerable to significant market volatility and manipulations.

The idea behind BTW originated from the artwork “Comedian,” which features a banana taped to a wall. Highlighting the irony of valuing trivial information, the artwork was sold for nearly $120,000.

Read more: 11 Top Solana Meme Coins to Watch in August 2024

Solana Meme Coin BTW Price.
Solana Meme Coin BTW Price. Source: CoinGecko

BTW was launched less than three days ago, aiming to capitalize on the same hype. Since then, the meme coin has grown, but this might be its peak.

Nevertheless, it contributed significantly to the overall market capitalization of Solana meme coins. At the time of writing, the collective worth of these assets was more than $7 billion, rising by 12% in a day.

Solana Price Prediction: The Parent Benefits

Solana’s price is gaining from the recovering market and the hype surrounding the meme coins on the network. In the last 48 hours, the cryptocurrency has seen a near 20% rise, bringing the price to $154.

The “Ethereum killer” is close to flipping the resistance of $156 into support, which would mark a 50% recovery from the recent losses. A bounce off from this point could send SOL to $175 and above.

Read more: 6 Best Platforms To Buy Solana (SOL) in 2024

Solana Price Analysis.
Solana Price Analysis. Source: TradingView

However, profit-taking could result in Solana’s price losing the support of $156, sending the altcoin back down. Falling below $150 could wipe the gains and invalidate the bullish thesis.

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Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

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Aaryamann Shrivastava
Aaryamann Shrivastava is a technical and on-chain analyst at BeInCrypto, where he specializes in market reports on cryptocurrencies from diverse sectors, including Telegram Apps, liquid staking, Layer 1s, meme coins, artificial intelligence (AI), metaverse, internet of things (IoT), Ethereum ecosystem, and Bitcoin. Previously, he conducted market analysis and technical assessments of various altcoins at FXStreet and AMBCrypto, covering all aspects of the crypto industry, including...
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