Solana memecoin BODEN feels the heat after Biden’s exit: Will SOL suffer?

The recent developments in the cryptocurrency market are causing a stir among investors, particularly in the Solana ecosystem. Solana’s native token, SOL, has been on a bullish run, breaking through a 4-month resistance line and rallying to $187.15 over the weekend, marking a 52% recovery from its recent low.

Despite the strong performance, there are indications of a potential retracement in the near term. Technical indicators like the RSI entering the overbought zone and profit-taking behaviors among traders suggest a cooling off period for SOL. The price action has also encountered resistance between $180 and $200, with a significant number of traders eyeing the $184 level.

Looking ahead, Solana’s future appears optimistic, with a potential bullish trajectory in the long run. As Ethereum ETFs have been approved, Solana is seen as the next major candidate for such financial products. The memecoin-driven rally of Solana this year draws parallels to Ethereum’s performance during the 2021 bull market, hinting at further growth potential for SOL.

However, the Solana ecosystem also faced challenges as BODEN, a memecoin within the network, plummeted by nearly 60% following the news of US President Joe Biden’s decision to not seek re-election. This incident underscores the interconnectedness of real-world events and their impact on crypto assets, highlighting the volatile nature of the market.

As the cryptocurrency landscape continues to evolve, investors should remain vigilant and stay informed about market dynamics and external factors that could influence asset prices. Keeping a watchful eye on developments within the Solana ecosystem and broader crypto space can help investors make well-informed decisions regarding their portfolios.