The Solana ecosystem has been on an extraordinary upsurge the entire week, as many assets within it have recorded significant gains. Data from Santiment, an on-chain analytics platform, indicates that dogwifhat (WIF) and Jupiter (JUP) tokens have been at the forefront, with WIF going up by 8.9% and JUP by 7.9% on Saturday only.
Nevertheless, its native token has stood out among all others that are there in the marketplace. SOL has shown a sign of a comeback after a long period of consolidation and almost hitting the $200 threshold for the first time since 2021.
According to CoinMarketcap, WIF is now trading at $4.59 which represents a significant increase of 65.27% over the last seven days alone. The coin moved up to #29 place in terms of overall market cap with market capitalization equal to $4 billion and a circulating supply of nearly 999 million WIF coins.
Analyst Asad believes WIF’s current market share of 0.65% of the total cryptocurrency market cap could be just the beginning, but it could also probably not be the first step. If, for instance, the total market cap reaches $2.5 trillion and WIF keeps its current market share, Asad estimates that the token can reach $16 in price.
However, if WIF’s market share increases, the possible upside could be even higher with targets of $25 at 1% market share, $50 at 2% market share, and a whopping $95 if it matches Shiba Inu’s highest-ever proportion of 3.8% during last year’s bull run.
Asad is confident that WIF is paving the road toward $100, citing factors such as Bitcoin’s recent breakout above its historical high record, Solana’s potential to soar four times from here on out, coin meme snowballing effect, crypto capital inflows and favorable macroeconomic conditions and politics.
Another standout performer in the Solana ecosystem has been the Jupiter Exchange’s native token. JUP has surged almost 20% in the last 24 hours and 40% over the past week, coinciding with a broader rally in the ecosystem. This spike can be attributed to Jupiter’s unveiling of its Core Working Group (CWG) budget proposal voting, signaling significant developments within the Solana landscape.
Solana (SOL) Shows Bull Flag Formation
As for SOL, it is currently trading at $197.09, with a 24-hour trading volume of $2 billion. The cryptocurrency has gained 3.32% in the last 24 hours and 11% over the past week.
According to the analyst Rekt Capital, Solana is showing initial signs of developing a Bull Flag formation at these highs, following the successful retest of the Range Low as new support. This technical pattern could potentially signal further upside for the token in the near future.