Welcome to HODL FM weekly coin analysis, where we pick a top ranking cryptocurrency and break down its performance over the last seven days. 

Related: After Dropping Ethereum Investigation, Are Solana and Polygon Safe From The SEC?

Do you want to know what happened on Solana during the week? HODL FM gotcha covered! 

  • Weekly Solana price change: 9.31% gain from $136 to $150 
  • Market capitalization: 9.31% gain from $63 billion to $69.4 billion
  • Solana memecoin of the week: Pepe SKULL (SKULL)  gained 1888% from $0.00008129 to $0.00015. Following closely among top Solana Memes of the week was Gigachad (GIGA), Billy (BILLY) and Chudjak (CHUD).
  • Solana launchpad of the week: pump.fun, the recently launched Solana launchpad pump.fun surpassed $50 million in revenue this week.

This week, sellers pulled SOL/USDT below the 20-day exponential moving average at $143 - however the bearish pressure could not sustain the low levels for three reasons: 

Bulls purchased the dip and as we talk, they are doing their best to push the price past the major resistance line at $150. 

Solana price chart. Source: CoinMarketCap

Overturning the Chevron Doctrine

Moreover on 28th June 2024, the U.S Supreme Court overturned a 4-decade old doctrine that provides government agencies leeway to interprete policies that they are charged with enforcing. After this major event, agencies like the SEC will no longer have to make decisions and file lawsuits based on their interpretation of ambiguous laws. As such , they will have to seek regulatory counsel from experts before enforcing such policies. 

Solana ETFs

The third reason and the main one to contribute to Solana’s gains this week, FUNDS filed for the first Solana ETF on 29th July 2024, a few days after the U.S Securities and Exchanges Commission indicated a greenlight for an Ethereum-based exchange traded product.As a result, Solana’s price moved upwards from $139 to $150.

Over the last seven days, Solana market capitalization has posted 9.31% positive gains with an increase from $63 billion to $69 billion. At the same time, the price moved from $136 to $150, as of this writing.

Solana Memecoin Pepe SKULL Posts Record Gains In a Week

Pepe SKULL surpassed all other meme coins on Solana to post a record 1888% over the week. $SKULL was exchanging hands at $0.00008129 a week ago, as per press time data from Coingecko, the Solana-based memecoin is trading at $0.00015. It is during the same week that Pepe SKULL attained its highest price of $0.002787 on 29th June 2024. $SKULL is ranking among weekly top ranking Solana memecoins followed by Billy (BILLY) which posted 212% positive gains, then Gigachad (GIGA) with a 167% positive gain and Chudjak (CHUD) with 159%.

Simplified Solana decentralized finance launchpad and trading platform Pump.fun crossed the $50 million revenue mark thereby proving that simplicity can win the day in DeFi. As per data on DeFiLlama, Pump.fun achieved a new revenue milestone after generating $50 million in revenue, and posting a record daily revenue of $598,000 within 24-hours.

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That is all for Solana this week. Stay tuned for more weekly coin analysis updates every Tuesday.

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