Solana (SOL) Price Breaks Above $200, Avalanche (AVAX) Pumps 18%, WIF and SHIB Go Bananas

Solana price has gone ballistic by exceeding the key $200 mark on crypto exchanges. There are multiple fundamental and bullish factors that contribute to the remarkable ascent of SOL crypto. This has led to a rally in other layer 1s like Avalanche as AVAX price refreshed its yearly peak on Monday.

Memecoins prices are also on the rise once again as Dogwifhat and Shiba Inu coin led the gains on Monday. At press time, WIF and SHIB were up 28% and 15.2%, respectively. BONK, DOGE and FLOKI also exhibited 3%-15% upticks in the 24-hour timeframe.

It feels like bull season, as any dips in Bitcoin or Solana are being bought aggressively. Therefore, as BTC's price dipped to $64,500 on the weekend, the buyers were quick to react and sent the price back above $68,000 within less than 24 hours. However, the digital asset seems to be struggling to break above $69,000 as it consolidates below the key level.

Solana (SOL) is up 97.51% since the start of this year. This surge should come as no surprise, as the recent developments in the Solana ecosystem and accelerating adoption have made it a leading smart contract platform. Due to the ongoing memecoin frenzy, the daily transaction volume on SOL blockchain has exceeded $4 billion.

Solana Hits 78.6% Fib Retracement Level

On Monday, SOL/USD surged to $205, its highest level since December 2021. This translates into an exponential surge in the cryptocurrency since its bottom around $8 in 2022. The outlook is even more bullish as the network is experiencing rapid growth.

On 1H timeframe, SOL has support around $196. After this level, the next support lies at $178, as marked in the chart below. However, the Solana price prediction now depends on the breakout above $205. This level is a 78.6% fib retracement level, which often results in major price corrections.

Avalanche Price Prediction

As Solana blockchain gains traction, investors are looking for other undervalued opportunities. Avalanche ecosystem is one of Solana's biggest rivals with EVM functionality. After gaining 39% last week, AVAX crypto is aiming for more gains this week.

High timeframe technical analysis suggests that AVAX/USD might target the supply zone above $81 in the coming weeks if the price gains strength above $65 resistance. These levels are marked on the following chart for your reference.