After some volatile days, Solana (SOL) has broken out of a three-day downtrend, fueling inventors\u2019 bullish sentiment for its short-term performance. A crypto analyst suggested that SOL might be preparing to surpass $300 soon if a key level is reclaimed.<\/p>\n
Solana, the fifth-largest crypto by market capitalization, has performed remarkably over the last week, fueled by US President Donald Trump\u2019s token launch.<\/p>\n
Last Friday, President Trump launched his official memecoin, TRUMP, on the Solana network after months of speculation and fake launches<\/a>. The launch kickstarted a three-day crypto market frenzy that propelled TRUMP to an all-time high (ATH) of $75 and a market capitalization of $15 billion.<\/p>\n Amid the frenzy, Solana jumped 25% in 24 hours, hitting $270 before climbing another 9.5% to its new ATH of $295.83. Moreover, Solana\u2019s Total Value Locked (TVL) surpassed its 2021 record of $10.02 billion and hit $12.1 billion on Sunday, DeFiLlama data<\/a> shows.<\/p>\n Analyst Rekt Capital noted that Solana needed a weekly close above $250 followed by a possible retest to confirm its breakout from the re-accumulation range. However, the second launch of a Trump-related memecoin sent SOL\u2019s price 12% down, closing the week at $241.<\/p>\n On Sunday afternoon, Us First Lady Melania Trump announced her official memecoin, MELANIA, on social media. The token received heavy backlash from the community, and the crypto market saw a 6.6% correction in a few hours, with Bitcoin dipping below<\/a> momentarily $100,000.<\/p>\n Despite the correction, SOL held above the weekend breakout levels, hovering between the $230 to $270 price range over the last three days but failing to hold above $260 for most of this period.<\/p>\n On Wednesday, Solana\u2019s price saw a 10% surge to $264 before retracing. Crypto analyst Jelle highlighted that the \u201cSOL hourly chart just looks like it wants another stab at $300 this month.\u201d<\/p>\n The analyst pointed out that the cryptocurrency had broken out of its three-day \u201cPost-trump shitcoin launch downtrend,\u201d while indicators like moving averages were \u201cback to bullish.\u201d The post also noted that SOL\u2019s recent performance<\/a> was trying to reclaim November highs.<\/p>\n According to Jelle, the cryptocurrency displays bullish momentum and is \u201con the edge of entering price discovery\u201d like BTC. He also noted that Solana has turned<\/a> its previous high against its Ethereum (ETH) trading pair into support.<\/p>\n As a result, reclaiming the $260 range could propel SOL\u2019s price to new highs. \u201cReclaim $264, and all bets are off,\u201d he stated. Similarly, Nebraskangooner shared<\/a> a positive outlook for Solana, noting that it is \u201cconsolidating right at all-time highs\u2026 no reason to think this doesn\u2019t melt up from here.\u201d<\/p>\nSOL Preparing For Jump To $300<\/h2>\n