Solana’s worth reached a 2024 peak of $186 on March 15, and key on-chain knowledge developments spotlight how Dogwifhat’s 400% rally has impacted SOL’s market demand.
SOL’s worth held firmly concerning the $175 help after a 5% pullback from the 2024 peak of $186 on March 15. Solana’s on-chain knowledge reveals an important reference to its native memecoins Dogwifhat (WIF) and BONK, which may propel SOL worth towards $200 within the coming weeks.
Why is Solana’s worth going up?
Solana’s worth is up 60% this month, with international demand for meme tokens rising as a significant bullish catalyst.
Main Solana-hosted meme tokens, WIF and BONK, are on the forefront of the memecoin rally, which seems to have triggered elevated market demand for SOL.
As seen above, the SOL worth had delivered a comparatively flat efficiency within the first two months of 2024. Between Jan. 1 and Feb. 29, SOL largely traded throughout the $100 to $110 vary.
Nonetheless, the market momentum flipped bullish in early March as the worldwide memecoin rave unfold in direction of the Solana community. Since March, SOL’s worth has elevated by 60%, mirroring WIF’s 401% rally.
Solana hits record-high of 816k new customers amid memecoin mania
Wanting past the value charts, different important on-chain metrics present how the memecoin mania has attracted new customers to the community whereas additionally rising SOL mindshare amongst traders.
HelloMoon’s each day first signers metric tracks the variety of new addresses conducting first transactions on the Solana blockchain.

For the reason that newest WIF rally started in late February, the SOL community has witnessed an unusually excessive variety of new customers.
The most recent determine of 815,935 new entrants registered for March 14 is the second-highest ever, simply 7% shy of the all-time excessive of 879,013 recorded on Jan. 31.
For the reason that begin of March, Solana has pulled a median of 500,000 new addresses each day which might be conducting their first transactions.
A chronic interval of rising new consumer transactions is a chief indication of recent energetic traders bringing recent capital inflows to the blockchain community. As these new entrants perform community transactions, demand for the underlying native token will increase.
Unsurprisingly, the value of SOL has elevated by 60% throughout that interval, peaking at $186 on March 15. With the memecoin rave nonetheless in play, SOL seems to be set for an additional leg-up within the weeks forward.
Solana’s worth forecast: Can SOL attain $200 in 2024?
Drawing insights from the on-chain knowledge analyzed above, new entrants into the WIF and BONK meme rallies have been a significant catalyst behind SOL’s 60% worth rally within the first half of March 2024.
Relating to short-term worth motion, the Bollinger band technical indicators counsel that SOL may head in direction of the $200 milestone within the days forward.

On March 15, SOL was buying and selling at $182, considerably larger than the higher Bollinger band at $178. This uncommon market alignment happens when the buying and selling momentum for an asset turns into overwhelmingly bullish.
Contemplating that SOL has beforehand breached the $185 resistance throughout the final 24 hours, the bulls may now set their sights on larger targets nearer to $200 throughout the subsequent rally.
However in a bearish downswing, the bulls can mount a help buy-wall across the 20-day easy transferring common worth at $173.
Nonetheless, strategic traders could possibly be cautious as new customers and elevated transactions increase the chance of one other community outage.