A new MEME coin on Solana increased by 430% as the market recovers.

Solana meme coins ( SOL ) have become the center of the market after the growth of Dogwifhat (WIF), Bonk (BONK)... A recently emerged SOL meme coin is called Banana Tape Wall (BTW).

Why is the price of this new meme coin on Solana skyrocketing?

The new meme coin on Solana is Banana Tape Wall (BTW). It is the best performer in its group over the past 24 hours. The asset is up 430% even as the rest of the market has yet to fully recover from Monday's drop .

BTW, which is trading at $0.0143 at the time of writing, has seen a significant increase. However, this coin may not be the perfect choice for your portfolio. This is because new meme coins are susceptible to high market volatility and manipulation.

BTW was born from the artwork “Comedian,” a banana taped to a wall. The piece, intended to satirize the overvaluing of unimportant information, sold for nearly $120,000.

BTW was launched less than 3 days ago, hoping to ride the same wave of excitement. Since then, the meme has been on a tear, but that may be the limit for this meme . Still, it has made a significant contribution to the total market Capital of Solana meme coins. At the time of writing, the total value of these assets has exceeded $7 billion, up 12% in a day.

Solana Price Prediction : Target $175

Solana is gaining ground thanks to a recovering market and excitement around meme coins on the network. Over the past 48 hours, the cryptocurrency has gained nearly 20%, trading at $154. Dubbed the “Ethereum Killer,” SOL is close to flipping resistance at $156 into support, which would mark a 50% retracement from recent losses. A bounce from this point could take SOL to $175 and higher.

However, profit-taking could see Solana lose support at $156, pushing the coin back down. A drop below $150 could erase gains and invalidate the bullish thesis.

Also Read: After the flash dump, Solana is outperforming Ethereum

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