Monday, July 15, 2024

Solana Surges Above $117 As Meme Coin Craze Extends Market Momentum

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The native cryptocurrency of Solana continued a spectacular climb that has already lasted three weeks by breaking beyond the $110 mark on Sunday morning. This is a strong demonstration of resilience.

The price of SOL has surged, reaching a level not seen since the night before Terra collapsed a year and a half ago. This coincides with a substantial uptick in meme coin activity in the cryptocurrency space, which is helping to increase the platform’s acceptance and appeal.

Solana Surges: 400% Rally Sparks Crypto Renaissance

The remarkable rise of Solana over the last six months has been nothing short of spectacular, as the cryptocurrency has seen an incredible 400% rally.

As of this writing, Coingecko data indicates that SOL is holding a fluctuating position in the $110–$117 price range, up 21% over the past seven days and sustaining a strong 60% increase over the past week.

Part of the reason for the current increase in Solana’s value is the industry’s general rebound in cryptocurrency. A considerable rise in market capitalization and a revival of market sentiment have characterized the whole digital asset space’s upward trend.

SOL market cap currently at $48.296 billion. Chart:

The market capitalization of the token as a whole has increased by an astounding 40 percent, which suggests that investors are once again feeling confident and interested in the digital asset field.

The total value of tokens locked on Solana applications also increased concurrently, reaching levels last seen in July 2022 with a rally to $1.3 billion from $400 million in November.

SOL’s year-to-date gains have reportedly increased to over 830% thanks to these factors, with the majority of the growth occurring in the last two months alone. The network’s TVL was last at this height in October 2022.

Solana TVL. Source: DefiLlama

Solana: On-Chain Triumph, $120 Target

The price action on Sunday brought an end to weeks of frenetic trade that had propelled the Solana blockchain to the top of the list for on-chain activity, at least momentarily. DefiLlama reports that decentralized exchanges located in Solana are getting close to Uniswap’s trading volumes, which amount to billions of dollars.

There has been a notable increase in demand for the network thus far this month. The chain’s daily count of active addresses reached a year-to-date high of 1.26 million on December 18, according to an evaluation of network activity.

Source: Artemis

As interest in Solana grows, attracting developers and investors alike, the blockchain’s thriving ecosystem and its function as a hub for speculation should soon boost SOL into the much-coveted $120 level.

The combination of increased activity in the Solana ecosystem and increased speculative interest in the cryptocurrency market provides a convincing story for the continuous increase in SOL’s value.

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