Major cryptocurrency Solana is targeting a short-term resistance level of $173, according to popular crypto commentator CryptoMist. She believes the fifth-largest cryptocurrency by market capitalization presents a strong buying opportunity as the bull market approaches.

Solana’s Resolute Struggle

Solana had a tough 2021-2023 bear market, and the index dropped below $100 from an All-Time High (ATH) of $250 set in 2021. However, SOL started to recover strongly in the last quarter of 2023, largely owing to the massive success of the meme coin sector. A major chunk of the tokens launched in this space was on the Solana blockchain, giving it an early respite from the bear market.

However, the last few months have been challenging for the crypto sector. The market came under selling pressure due to a large bitcoin dump by the German government and a lack of motivating external stimuli.

30-Day Price Action

Solana has had a roller coaster the last 30 days, with the price index swinging significantly in either direction. In the buildup to August, the programmable blockchain network rose to a new multi-month high above $190, following the general trend of the crypto market. Meme coins were once again at the forefront of this major price reversal, but that was not to last.

SOL started dipping sharply at the start of this month and eventually dropped close to $110 within a week, marking a 40% price increase in a little over a week. The cryptocurrency has since recovered doggedly and is changing hands above $140 at press time, $144 to be precise. 

The Future

Solana is one of the top-performing digital currencies with a strong development community and growth potential. However, a large part of its recent success is tied to the meme coin economy, and its dynamics are unpredictable. It has slowed down considerably in the last couple of months and could move to another blockchain network to try and stimulate interest. Tron (TRX) is emerging as the next big candidate for launching new meme tokens, and if it manages to pull this off, Solana will likely suffer even if the crypto market transitions to the next phase of the bull market.

But it is too early to declare TRX the network of choice for launching new tokens. The third and fourth quarters of 2024 will be crucial in that regard. Traders need to monitor the news and stay abreast of the latest developments.

Andrew Tate, a social media influencer and former professional kickboxer, recently ignited controversy in the crypto community. On Friday, he began promoting various tokens in the Solana (SOL) ecosystem while posting inflammatory statements on Twitter, creating a social media storm.

Known for his provocative social media presence, Tate’s actions have once again stirred up a whirlwind of positive and negative reactions.

Andrew Tate’s Meme Coin Ventures Spark Chaos and Interest

The chaos began after Tate stated his intention to hold onto $1 million worth of various assets with “diamond hands” if his post got a specific number of retweets. The term “diamond hands” is used to describe the action of keeping an asset for the long term, regardless of its price fluctuations, due to a strong belief in its future value.

Shortly after his post achieved the required number of retweets, he announced his plan to “crash the Solana network.” This statement implied that he intended to purchase many tokens in Solana, enough to potentially overload the network.

Read more: 7 Hot Meme Coins and Altcoins that are Trending in 2024

Tate shared an address and encouraged people to send him coins. Hundreds of different coins flooded in. He burned some and promoted RNT throughout the day. Despite receiving many coins, Tate claimed he made “zero” money from these activities.

“I’ve made over 100 million trading through Solana. I’ve turned people into millionaires. I’ve made zero. Zero. I just bought coins and held them to dust,” he wrote on his X account.

Andrew Tate’s involvement in Solana significantly impacted the meme coin market. Real Nigger Tate (RNT), which he has been shilling hard, reached a market capitalization of $61.1 million.

Another coin, TOPG, achieved a market capitalization of $38.01 million. The TOPG developer allocated 58% of the supply to Tate, which he then burned. Additionally, TATE reached a market cap of $5.8 million, exemplifying the contagious popularity of these meme coins.

Following Tate’s actions, a slew of Tate-associated meme coins entered the market. For example, G, linked to Tate’s dog, achieved a market capitalization of $4.5 million. GRETA, inspired by Tate’s past encounter with Greta Thunberg, reached a market capitalization of $4.6 million, with Tate receiving 50% of its supply. 

Other noteworthy coins include WARROOM, which is associated with Tate’s private club, hitting $3 million in market capitalization. Meanwhile, EMORY, connected to his father, and FTRISTAN, stemming from a disagreement with his brother, reached market capitalizations of $2.8 million and $1.7 million, respectively. RBASE also reached a market capitalization of $1.7 million.

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

Although Tate’s motives remain unclear, his actions align with his history of creating controversial content. In mid-May, Tate claimed to have cashed out $500,000 in Bitcoin to invest in GameStop (GME) and meme coins to spite hedge funds. This further showcases his knack for stirring the pot in the crypto space.