Look who’s back in the spotlight, Solana! The price of SOL surged to $177 on Monday, up a jaw-dropping 85% from its low in April. With a market cap now sitting comfortably over $90 billion, Solana's been living its best life as the crypto and stock markets enjoy a little rebound. But let’s be real, Solana’s rise isn’t all about the main coin. Oh no, it’s the meme coins that are making the noise.
Solana’s meme coin market cap has more than doubled, jumping from $6 billion in April to a whopping $15 billion today. And what is fueling this craziness? Top meme coins like Dogwifhat (WIF), Popcat (POPCAT), Peanut the Squirrel (PNUT), and Gigachad (GIGA). Yes, you read that right, Peanut the Squirrel is officially a serious contender in the meme coin market. If that does not yell "crypto 2023," I do not know what does.
Meme Coins and Stablecoins Make the Solana Ecosystem Buzz
While Solana's meme coins are splashing, the decentralized finance (DeFi) sector is also booming. The value locked in Solana's DeFi protocols has hit nearly $10 billion. Far from being left behind, stablecoins on the network are also soaring high, with their total funds hitting nearly $14 billion. That’s right, folks, Solana’s stablecoin growth is a major indicator that this network is, you know, doing stuff.
Solana’s price is not just riding the meme coin wave; volume on decentralized exchanges (DEXs) is skyrocketing. In the last 24 hours alone, Solana DEXs processed over $3.4 billion in transactions. Compare that to Binance Smart Chain (BSC) at $2.65 billion and Ethereum at $2.1 billion, Solana’s showing up big time. And over the past 30 days, it’s processed a total of $82 billion, far outpacing Ethereum’s $37 billion. Solana’s making moves, people.
Solana's Got More Fuel to Burn
But wait! Solana's not done yet. There are more potential catalysts on the horizon, including the upcoming SOL ETF approvals and growing interest from Wall Street institutions such as Janover and Upexi. And as if that wasn’t enough, the rising tide of Bitcoin (BTC) is expected to lift Solana’s boat even higher in the coming months.
The chart’s looking bullish, too. Solana’s price has rallied from April’s low of $94.50 to $176, and it’s inching toward that critical resistance level of $258. If it breaks through that, well, buckle up, because the cup-and-handle pattern that’s been brewing since November 2021 suggests a potential price target of $500. A drop below $94.50 would throw a wrench in the party, but until then, Solana’s looking pretty hot.
So, while meme coins and stablecoins get their share of the limelight, don’t forget about Solana’s potential. It’s got the chart, the volume, and the backing to keep the good times rolling.
HODL Team
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