Solana (SOL) has experienced a remarkable 25% price increase in May, reaching a 35-day high of $170 on May 17. This surge is attributed to the renewed interest in meme coins, particularly Solana-hosted projects like Dogwifhat (WIF) and BONK, following the GameStop saga. As a result, Solana's trading volume has skyrocketed by $2.7 billion between May 12 and May 17.

The sudden demand for native meme coins has inadvertently boosted the demand for SOL, Solana's native cryptocurrency. SOL has seen a 44% increase in price since the GameStop rally began on May 14, currently trading at $166. Notably, Solana's top two largest meme projects, WIF and BONK, have also experienced significant double-digit gains in May 2024.

The surge in meme coin demand has led to increased Solana network activity, triggering a substantial SOL price increase. According to Santiment's Trading Volume chart, Solana's trading volume reached a monthly low of 936.5 million on May 12 but has since witnessed a considerable uptick, surpassing $3.61 billion on May 17.

With the current bullish momentum, SOL price is poised for another breakout towards the $200 mark. However, the $180 area represents a critical short-term resistance level to watch. If Solana can maintain this momentum, it may bounce back from recent declines and hit the $200 target.