Solana Price Analysis: SOL Meme Coins Explode Amid Meteora DEX Lawsuit

Monicah W

Solana Price Analysis: SOL Meme Coins Explode Amid Meteora DEX Lawsuit

Solana price has been one of the top performers this week after bouncing from $134 to trade at $151 at press time. This rally has coincided with a surge in SOL meme coin prices, as their market cap surged by 23% in the last 24 hours to $8.7 billion. These meme coins are gaining after several investors filed a class-action lawsuit against Solana-based DEX Meteora for allegedly orchestrating a $69M pump and dump scheme.

Solana Price in Focus as Meteora DEX Lawsuit Fuels SOL Meme Coins Rally

Solana price tends to rally whenever meme coins created on the blockchain are recording gains, and this is currently the case. At press time, most of the top meme coins on Solana had registered double-digit gains, with popular ones such as BONK and dogwifhat (WIF) surging by more than 20%.

Solana Price Analysis: SOL Meme Coins Explode Amid Meteora DEX Lawsuit
Top 10 Solana Meme Coins

These gains come amid a lawsuit filed on April 21 that accuses Meteora DEX of giving misleading information about a SOL-based meme token known as M3M3, which launched in 2024. Data from CoinGecko shows that the M3M3 meme coin is trading at 98% below its December all-time high.

The plaintiffs claim to have lost more than $69 million within three months of investing in this token. They also accuse the developers of insider trading, fraud, and violating the US securities laws.

This development is fuelling interest in Solana meme coins, which are leading the ongoing price recovery across the crypto market. The rising demand for these meme coins is also driving gains for the SOL value today and causing a spike in blockchain activity.

Meme Coin Frenzy Boosts SOL Network Activity

The meme coin frenzy on Solana has not only caused a spike in price but also network activity. Data from DeFiLlama shows that SOL’s TVL has increased by more than $500M in the last two days alone, and it is approaching a two-month high. Meanwhile, DeX volumes have soared to $2.94 billion, which is the highest since early March.

Solana Price Analysis: SOL Meme Coins Explode Amid Meteora DEX Lawsuit
DeFiLlama

The spike in meme coin trading activity is likely behind these rising volumes, suggesting that as long as SOL-based meme coins record an uptick in demand, the Solana price is poised to continue with its upward trajectory.

Solana Price Analysis Amid Bullish Pattern Formation

Solana price has confirmed a double bottom pattern on its daily price chart and broken past resistance at the neckline, hinting towards a continuation of the current uptrend. SOL confirmed this pattern when it moved above the resistance level of $147. If it can flip this resistance level into support, it will confirm this bullish thesis.

The first target price in this double-bottom pattern is $180, which SOL will attain if it rallies by 20% from its current price. Once it flips the $180 resistance, it will kickstart a strong uptrend towards record highs. The MACD line has crossed above the zero line, confirming the bullish Solana price forecast.

Solana Price Analysis: SOL Meme Coins Explode Amid Meteora DEX Lawsuit
SOL/USDT: 1-day Chart

To sum up, Solana price is surrounded by a myriad of bullish catalysts, including surging meme coin activity, network growth, and a strong technical outlook. As long as these catalysts are present, SOL can hit resistance at $180 before continuing with its rally.

The post Solana Price Analysis: SOL Meme Coins Explode Amid Meteora DEX Lawsuit appeared first on CoinGape.

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3 Altcoins That Reached All-Time High Today

The crypto market is finally improving, and that too at a steady pace, which is imbuing investors with confidence. This bullishness is also reflected in the growth of the altcoins, with some even making their way to new highs.

BeInCrypto has analyzed three such altcoins that formed a new all-time high today and whether their uptrend will continue.

Solayer (LAYER)

LAYER has surged by 23% in the last 24 hours, reaching $1.41 at the time of writing. The altcoin also reached a new all-time high (ATH) of $1.47 during the intra-day highs. This rise signals strong market interest and positive momentum for the cryptocurrency in the short term.

Given the current green candlestick, LAYER is likely to continue its upward trend. If the altcoin breaks past its ATH of $1.47, it could easily push past the $1.50 mark. This would indicate a continued bullish phase for LAYER as the price gains momentum toward higher levels.

LAYER Price Analysis. Source: TradingView

However, if the price falls to $1.20 or lower, the bullish outlook will be invalidated. A drop to $0.95 would result in the loss of recent gains, signaling a shift to bearish sentiment. This potential decline could slow LAYER’s momentum and lead to further price corrections.

Cheems (CHEEMS)

CHEEMS has seen an impressive 133% rise month-to-date, reaching a new all-time high (ATH) of $0.000002179. However, the altcoin has since retraced and is currently trading at $0.000001952. This price action signals potential volatility, but the recent ATH highlights the coin’s strong market interest.

If CHEEMS fails to sustain its uptrend, it could slide toward the critical support level of $0.000001461. A bounce from this level could provide CHEEMS with another opportunity to attempt forming a new ATH. This rebound would indicate that the bullish trend is still in play.

CHEEMS Price Analysis.
CHEEMS Price Analysis. Source: TradingView

However, if the $0.000001461 support is breached, CHEEMS could experience further declines. The next support level is at $0.000001132, and falling below this would invalidate the bullish outlook, erasing the recent gains.

Saros (SAROS)

SAROS has shown consistent growth throughout the month, trading at $0.055. During an intra-day rise, it reached a new all-time high (ATH) of $0.057, signaling positive market interest. This continued upward momentum could help drive SAROS to even higher levels, further encouraging investor confidence.

If the broader market cues remain strong, SAROS is likely to maintain its uptrend. The price could break through the $0.060 resistance level, extending its gains. This would signal sustained bullish sentiment and potentially attract more investors, pushing the altcoin to new highs.

SAROS Price Analysis.
SAROS Price Analysis. Source: TradingView

However, if the market momentum reverses, SAROS may struggle to hold on to its gains. A pullback to $0.046 is possible, and losing this support would invalidate the bullish thesis. In this case, SAROS could fall further to $0.034, signaling a deeper price correction.

The post 3 Altcoins That Reached All-Time High Today appeared first on BeInCrypto.

How Will Federal Reserve Interest Rate Decision Impact Crypto Market this Week?

How Will Federal Reserve Interest Rate Decision Impact Crypto Market this Week?

After a massive crash at the beginning of the month, the crypto market braces for a crucial week as the Federal Reserve prepares for the interest rate decision. After cryptocurrencies nearly lost a trillion, the central bank’s move is essential for the investors as its decision could impact not only digital assets but other financial markets. Let’s discuss.

How Will the Federal Interest Rate Decision Impact the Crypto Market?

At present, the biggest contributor to the crypto market, Bitcoin, trades at $83,2K, with the rest of the altcoins exhibiting the same consolidatory performance. As a result, the global digital assets market cap is just $2.72T, and the trading volume is $69.74B. Also, the investor sentiments are still in a fear zone amid economic uncertainty.

In addition, the FOMC meeting and the Federal Reserve interest rate decision could decide the performance of the cryptocurrencies. If the Fed implements a rate cut (lower interest rate), the market could witness high liquidity.

More importantly, this could influence investors to take the risks. As a result, this is the bullish scenario for the cryptocurrencies, where Bitcoin and altcoin could seek high returns, especially if the Fed ends QT. 

The market’s performance would be unexpected if the Fed decided to keep the interest rate study. The volatility may or may not increase, but the investors’ disappointed sentiments could impact the market momentarily.

Lastly, the rate hike scenario, which is unexpected, could bring downward pressures as crypto traders move toward safer assets rather than digital assets. All these possibilities will bring different results.

Experts believe the Fed will keep the interest rates unchanged, increasing the chances of bullish outcomes. However, various other factors also need to align as many other macroeconomic events could impact the cryptocurrencies.

Federal reserve interest rate

Other Macroeconomic Events to Impact the Crypto Market

Beyond the Federal Reserve interest rate decision, several other macroeconomic factors could influence this week’s cryptocurrency market. The key factors include U.S. jobless claims, U.S. retail sales, February Housing Starts data,  geopolitical developments, etc.

Additionally, the upcoming Trump and Putin meeting to discuss the Ukraine peace policy could also have a significant impact.

Other worldwide events like Japan’s and England’s Interest rate decisions could also have a significant impact. Investors must stay updated with the market and remain cautious this week.

crypto market

Bottom Line

Bitcoin is following a highly bullish pattern at present. The same pattern led to a massive rally for gold in the 1970s. Over the years, BTC price can surge to $250k due to this bullish pattern, and the Federal Reserve interest rate cuts could play an important role in that.

However, the different scenarios could impact the crypto market differently. More importantly, macroeconomic factors like U.S. jobless claims could influence the market. Investors must be prepared for volatility ahead.

The post How Will Federal Reserve Interest Rate Decision Impact Crypto Market this Week? appeared first on CoinGape.

Senate Vote Sets Stage for President Trump to Sign Bill Ending IRS DeFi Broker Rule

The US Senate has voted in favor of a motion to repeal an IRS rule targeting decentralized finance (DeFi) platforms. The motion now heads to President Donald Trump’s desk for his anticipated signature.

According to the latest reports, the resolution is close to becoming law, potentially by the end of this week.

Lawmakers Move to Overturn IRS DeFi Broker Rule

On March 26, the Senate voted 70-28 to pass H.J. Res. 25, introduced by Senator Ted Cruz and Representative Mike Carey. This vote marks the second time this month that the resolution has passed, following a 70-27 vote on March 4.

A procedural requirement regarding budget measures necessitated the re-vote after the House approved its version in a 292-132 tally.

“This clears the way for innovation in DeFi. This is bullish—less regulation, more growth, as we’ve been saying,” wrote Dan Gambardello on X.

Meanwhile, Eleanor Terrett, host of Crypto in America, revealed, citing a Republican Senate source, that the bill could become law as early as this Friday.

“Resolution to overturn IRS DeFi broker rule could become law by week’s end,” she stated.

Terrett added that if Trump signs the Congressional Review Act (CRA), it would be the first bill related to cryptocurrency to become law. Notably, earlier this month, David Sacks, White House’s AI and crypto czar, had declared support for the resolution. 

“If S.J. Res. 3 were presented to the President, his senior advisors would recommend that he sign it into law,” he posted

If passed, the resolution would mark a significant win for the cryptocurrency industry and a step toward reducing regulatory oversight in the DeFi sector.

The development comes amid a broader push for regulatory clarity. On March 26, the DeFi Education Fund, alongside a coalition of organizations, submitted a letter to leading US Senate and House Committees on Banking, Judiciary, and Financial Services members. 

The letter aims to address the Department of Justice’s (DOJ) misinterpretation of money transmission laws.

“We write to urge you to correct the Department of Justice’s (DOJ) unprecedented and overly expansive interpretation of the criminal code provision proscribing operating an “unlicensed money transmitting business” as applied to software developers,” the letter read.

The coalition argues that the DOJ’s interpretation creates ambiguity. This could criminalize software developers working in the blockchain space.

Specifically, it would impact those using non-custodial technologies who do not control or possess customer funds. This position could threaten the viability of US-based software development in the digital asset industry and beyond.

Furthermore, the letter emphasizes that the DOJ’s stance contradicts existing guidance from the Financial Crimes Enforcement Network (FinCEN) and previous legal interpretations. Thus, it could potentially lead to overreach and unfair treatment of blockchain developers. 

The signatories, including Paradigm, A16z Crypto, Polygon Labs, Coinbase, Kraken, and others, request that Congress urge the DOJ to clarify its position. They aim to ensure alignment with legal precedent and congressional intent and prevent the stifling of innovation in the US tech sector.

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