Solana (CRYPTO: SOL) shot up on Wednesday, buoyed by a broader cryptocurrency rally and hype around Kanye West’s new meme coin.

A Look At Solana’s Key Indicators

The sixth-largest cryptocurrency by market capitalization lifted over 3% in the last 24 hours, with trading volume surging 21% to $6.65 billion.

The rally excited derivatives traders, with open interest in SOL futures rising 2% over the last 24 hours to $9.25 billion, according to Coinglass. Interestingly, over 70% of Binance traders with open SOL positions were bearish on the cryptocurrency, as seen from the Long/Short ratio.

Meanwhile, the 10-day momentum indicator, which measures the rate of price change over a 10-day period, flashed a "Buy" signal for SOL, according to TradingView.

On the other hand, the Moving Average Convergence Divergence indicator, which plots the relationship between a 12-day and a 26-day exponential moving average — flashed “Sell” for SOL.

See Also: Coinbase CEO Brian Armstrong Forecasts A Million-Dollar Bitcoin By 2030 Amid ‘Emerging’ Regulatory Clarity In US

Why Solana Is Trading Higher

The latest spike comes alongside the broader market recovery, following days of sustained weakness. The total cryptocurrency market capitalization rose 2.05% over the last 24 hours.

Further momentum came after Rapper Ye, formerly known as Kanye West, launched his YZY meme coin on the Solana network. At last check, the coin was up nearly 500% in the last 24 hours, per CoinMarketCap.

Additionally, Solana was one of the networks where Frontier Stable Token (FRNT), the first U.S. public entity-backed stablecoin, was launched earlier in the week.

Price Action: At the time of writing, SOL was exchanging hands at $186.51, up 3.02% in the last 24 hours, according to data from Benzinga Pro. Year-to-date, the coin has lost 3.78% of its value.

Benzinga Note: Investing in meme coins is highly speculative and involves significant risk. Meme coins often lack intrinsic value and are driven by market sentiment, social media trends, and speculative trading

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