How Solana Performed this Week?

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Related: Solana Could Hit 50% Of ETHs Market Cap In Next Bull Run: Optimistic Investors

Here is everything that happened on Solana this week: 

• Weekly Solana price change: Solana gained 9.8% over the previous seven days to test $180.
• Market capitalization: Market capitalization surged from $75.88 billion to 83.33 billion over the last seven days.
• Top performing Solana Memecoins: Manifest (MANIFEST), Hawk Tuah (HAWKTUAH), Mad (MAD), Brainrot (ROT), and Ducky Ducky (DUCKY) are the top performing Solana-based meme coins of the week with multiple digit-gains of 3550%, 410%, 268%, 220.2% and 220%, respectively.

Solana catapulted from the depths of despair since the start of July into a wild surge that saw a 47% recovery to $178. The significant rise in interest in meme coins, which have tested the $9.2 billion market capitalization zone and SOL-based futures derivatives, suggests the market is within bullish territory.

Last week, we documented how the SOL/USD trading pair gained 9.31% in the second week of July to enter into the $140 to $150 territory. Last week’s buying spree must have been propelled by strong buying of the dip and an overall positive sentiment driven by Bitcoin’s recovery. 

This week, the trend continued ushering altcoin into its second week of gains as the entire market warms up for alt season.

Onchain Activity on Solana Network

Two particular whales went viral midweek after on-chain data documented their $41.4 million exchange transfer from Binance to a staking pool. This indicated that large holders were likely upholding a bullish stand on Solana's long-term future. 

Meanwhile, after weeks of a price consolidation that saw Solana almost retest lows between $100 - $120, the current technical set-up indicates the recovery is heading towards a potential bullish rally.

Solana Network’s Futures Open Interest jumped by 58.7% between the first week of July and this week from $1.77 billion to $2.81 billion, indicating growing interest and engagement among bullish retail traders.

Solana ETF Prospects Bull Charging Price Action

The renewed optimism that the cryptocurrency is exhibiting is potentially thanks to this week’s launch of spot Ethereum ETFs, which has raised the prospects of a Solana-based exchange-traded fund.

Senior ETF analyst Eric Balchunas discerned that Ethereum ETF’s approval would pave the way for similar institutional investment products. He named Solana the next most likely candidate. Nate Geraci, the president of ETF Store, also shared similar prospects for a Solana ETF and the possibility of an institutional product that combines Bitcoin, Ethereum, and Solana.

As of this writing, 21Shares and VanEck have already filed applications with the U.S. Securities and Exchange Commission (SEC)for the approval of an SOL exchange-traded fund. The Chicago Board Options Exchange (CBOE) also increased the odds of the investment instrument after filing a form 19b-4s for Solana ETFs.

Best Performing Memecoin of the Week: Manifest

Manifest (MANIFEST) led this week’s top-performing Solana-based memecoins with an impressive positive change of +3417%.  The memecoin was trading at an intraday low of $0.002 yesterday, but after attracting strong buyers, went on to test the $0.1 after a staggering 180% surge. At press time, the MANIFEST/USD pair is trading at $0.006926.

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