The crypto space witnessed a surprising event on Monday as Solana's GME memecoin, inspired by GameStop's stock ticker GME, experienced a meteoric rise. This surge coincided with Keith Gill, better known as "Roaring Kitty," returning to the social media platform X after almost three years away from social media.

Solana's native token, SOL, has gained slightly 0.9% over the past 24 hours despite a 5.95% decline over the last seven days to trade at $146. With a market cap of $65.6 billion, SOL ranks as the fifth-largest crypto by market cap, boasting a 24-hour trading volume of over $2.1 billion, placing it seventh in terms of trading activity.

Gill, a highly influential investor and commenter on GameStop's stock, has reignited interest in the meme stock phenomenon that captivated Wall Street in early 2021. His reappearance on X has sent shockwaves through the crypto community, propelling Solana's GME memecoin to new heights. According to data, the Solana-based GME token, which first started trading in late January, currently records a 24-hour trading volume of $178 million, a 347% gain in the last 24 hours, making it top among the most traded cryptos on the Solana network. Its market cap stands at over $82 million.

SOL Technical Analysis

On the weekly chart, most candles have closed bearish since April, after hitting resistance at the $209 level, until finding support around the $125 zone. For the last four weeks, the price has been trapped in a consolidation phase, ranging between $123 and $159. Last week's candle closed as a shooting star candlestick pattern after testing the $159 resistance zone, potentially signaling further drops.

The daily chart shows SOL's price confined within a horizontal parallel ranging channel, indicating indecision in the market following the recent bearish run. The channel ranges between $123 and $159. SOL opened today at $147.50, with a low of $143.65 and a high of $151.50 so far. The daily RSI reading of 49 suggests bearish momentum after testing the key resistance level above.

On the 4-hour chart, immediate resistance lies at the $159 level, which acts as the first target, or the parallel channel support at the $123 zone. Overall, bullish speculative targets suggest the price could hit the recent $159 high, breaking and closing above it, filling the fair value gap above it, and testing the $170 resistance level.

Traders can continue trading the range until a breakout or breakdown is witnessed on either side. However, for more cautious traders, a confirmation of the trend is safer. A breakout and close above the $159 resistance zone would confirm a bullish revival, while a breakdown and close below the $120 level could shut down bullish sentiments on SOL soon.

Since the start of 2024, Solana has experienced a bullish surge, rising from a low of $78 on January 23rd to a high of $209 on March 18th, a 168% gain in less than two months. It then underwent a 43% correction before finding the current consolidation phase. As it trades around $146, technical analysis indicates a breakout is looming, with a $200 target in sight. This rally could be further enhanced by the growing Solana ecosystem and a break and close above the $159 resistance zone.