Solana’s Price Surge: A Rally Driven by Meme coins and Decentralized Exchanges
Solana (SOL) has seen a significant price increase, climbing to $125. This marks a 30% rise from its lowest point this year.The market cap now stands at over $64 billion.
The surge is partly due to the performance of meme coins within Solana’s ecosystem. Fartcoin (FARTCOIN) has seen an 81% increase in the past week, while Popcat (POPCAT) is up by 57%. Other notable tokens include gigachat, Goatseus Maximus, Fartboy, and Vine. Thes gains have pushed the total market cap of Solana meme coins to over $7.02 billion.
Solana’s decentralized exchange network has also performed well. Protocols like Orca, Raydium, and Pump have handled over $14 billion in the last seven days and $46 billion in the past month.
Nansen data reveals that Solana processed over 350 million transactions in the last week,a 4.8% increase from the previous week. Active addresses have also risen by 15% to over 28.13 million.
Technical analysis suggests a potential SOL price rebound. The falling wedge pattern, a bullish reversal sign, indicates a strong bullish breakout. the next key point to watch is $150, up by 20% from the current level. However, a drop below $110 would invalidate this bullish outlook.
