Solana (SOL) and BOME Prices To Hit Target Price, Or Reversal Ahead?

The crypto market is witnessing a dynamic shift as Solana (SOL) and its associated meme coin, Book Of Meme (BOME), emerge as prominent contenders, overshadowing Ethereum projects. With Solana’s price surging by nearly 12% and BOME gaining traction following Binance’s listing announcement, investor attention is shifting toward these alternatives.

However, recent developments, including a probe into potential insider trading of BOME, have stirred uncertainty. So, let’s delve into how Solana and BOME are reshaping the crypto landscape.

Social Media Buzz On Solana and BOME

Solana and its meme coin counterpart, BOME, are spearheading the crypto market with their recent surge in popularity. According to a recent report from the prominent on-chain data provider, Santiment, both SOL and BOME are dominating discussions across various social platforms, including X, Reddit, Telegram, and 4Chan.

Notably, the market participants are increasingly viewing Solana and associated meme coins as viable alternatives to Ethereum-based projects, given their outperformance in recent times. Also, the recent rally in the SOL & BOME prices has reflected the growing confidence of the investors towards the crypto.

However, despite robust gains, BOME faced a setback following Binance’s announcement of a probe into potential insider trading. This development triggered a retreat in BOME’s price, highlighting the volatility inherent in the crypto market.

In contrast, the momentum behind Solana remains strong, especially during Asian trading hours, as noted by Matrixport. Solana has witnessed significant gains, surging 807% in the last 12 months, with a notable 85% rally in the past 30 days, a substantial portion of which occurred during Asian trading sessions.

Also Read: Reddit IPO Targets $6.5 Billion In Valuation

Prices Amid Mixed Sentiments

The rise of Solana and BOME raises questions about the future of Ethereum projects. As investors explore alternative options in the blockchain space, Ethereum faces heightened competition.

Meanwhile, the attention garnered by Solana and its meme coin counterpart, BOME underscores the shifting dynamics within the crypto space. While Ethereum remains a dominant force, the emergence of formidable competitors like Solana poses challenges and opportunities for the Ethereum ecosystem.

Notably, according to debit data as well as Rekt Capital’s analysis, the Solana price may hit $210 before options expiry on March 22. However, despite the gains, some analysts warned that investors might utilize the recent surge in SOL price as a profit-booking opportunity. Notably, the Solana price was up 11.78% to $203.38 during writing and surged around 35% over the last seven days.

On the other hand, the BOME price, after a significant rally, plunged due to Binance’s recent announcement. As of writing, the BOME price was down 22.38% and traded at $0.1564, while its trading volume fell 60% to $2 billion. However, since March 14, its price has surged over 1630%, reflecting the buzz surrounding the meme coin.

Also Read: Bitcoin Rebound Set to Impact Prices of Luxury Watches

Rupam, a seasoned professional with 3 years in the financial market, has honed his skills as a meticulous research analyst and insightful journalist. He finds joy in exploring the dynamic nuances of the financial landscape. Currently working as a sub-editor at Coingape, Rupam’s expertise goes beyond conventional boundaries. His contributions encompass breaking stories, delving into AI-related developments, providing real-time crypto market updates, and presenting insightful economic news. Rupam’s journey is marked by a passion for unraveling the intricacies of finance and delivering impactful stories that resonate with a diverse audience.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.