Solana Surges as Meme coins and DeFi Thrive
Solana (SOL) has seen a meaningful rise,reaching $170 as of saturday. This marks its highest level since early March. the token’s surge comes after hitting a low of $94.50 in April.
The growth aligns with the broader crypto and stock market bull run. Bitcoin and other altcoins have also climbed,pushing the total crypto market cap over $3.2 trillion.
Interest in Solana meme coins has soared,too. Their market cap has jumped from $6 billion in April to $13 billion today.Leading the pack are Bonk (BONK), Dogwifhat (WIF), Popcat (POPCAT), and Peanut the Squirrel.
Decentralized exchanges on Solana, like Raydium and Meteora, have seen a massive boost. They processed $20 billion in the last week and $78.93 billion in the past month. This outpaces Ethereum’s $13 billion and $51.5 billion in the same period.
Further gains could come from spot cryptocurrency ETFs. Seven firms, including VanEck and Grayscale, have applied for a spot SOL ETF. If approved, JPMorgan predicts these funds could attract over $6 billion in the first year.
Technical analysis suggests more upside for SOL. The weekly chart shows a “cup and handle” pattern, pointing to a potential surge to $500. Though, a drop below $94.50 could invalidate this bullish forecast.
