Noteworthy developments continue to emerge in the crypto market. Following the rise of Solana ecosystem’s popular memecoin projects like dogwifhat (WIF), BONK, and other tokens, the market has shifted its focus. However, not every new popular memecoin project is indispensable, as some, like Banana Tape Wall (BTW), may not have much to offer.
The New Star of the Solana Ecosystem
Solana ecosystem’s memecoin project BTW became the best-performing token in its category in the last 24 hours. The asset recorded a 430% increase, even as the rest of the market barely recovered from the recent downturn. At the time of writing, BTW was trading at $0.0143, showing significant growth, but it may not be worthy of being part of anyone’s portfolio.
The reason is that new memecoin projects are vulnerable to significant market volatility and manipulations. BTW originated from an artwork called Comedian, which features a banana taped to a wall. The artwork, which feeds on the irony of valuing trivial information, sold for approximately $120,000.
BTW was launched less than three days ago, relying on the same hype. Since then, the memecoin has grown, but this could be the end for this memecoin. Nevertheless, Solana memecoin projects have significantly contributed to the overall market value. At the time of writing, the total value of these assets was over $7 billion, with a 12% increase in one day.
Solana Chart Analysis
Solana’s price benefits from the recovering market and the hype surrounding memecoin projects on the network. In the last 48 hours, the cryptocurrency saw an increase of approximately 20%, raising its trading price to $154. The Ethereum killer is close to turning the $156 resistance into support, which means a 50% recovery from recent losses.
From this point, a bullish trend could send SOL’s price to $175 and beyond. However, profit-taking could cause Solana’s price to lose the $156 support and bring the altcoin down again. Falling below $150 could erase gains and invalidate the bullish thesis.
