Solana Surges as Meme Coins and DeFi Thrive
Solana (SOL) has seen a important price increase, reaching $170 as of Saturday. This surge follows a low of $94.50 in april. Teh token’s rise mirrors the broader crypto market’s bullish trend, with Bitcoin and altcoins also gaining. The total crypto market cap now exceeds $3.2 trillion.
The growth in Solana’s value is partly due to the popularity of meme coins on its platform. These tokens, like Bonk (BONK) and Dogwifhat (WIF), have seen their market cap rise from $6 billion to $13 billion in recent weeks. This boost has also benefited Solana’s decentralized exchanges (DEXs). Protocols like Raydium and Meteora have processed $20 billion in the last seven days and $78.93 billion in the last 30 days.
Compared to Ethereum, Solana’s DEXs have shown a ample increase in volume. this growth could further accelerate if spot cryptocurrency exchange-traded funds (ETFs) are approved. Seven firms, including VanEck and Grayscale, have applied for a spot SOL ETF. if approved, these funds could attract over $6 billion in the first year.
Technically, Solana’s price chart shows a cup and handle pattern, suggesting a potential surge to $500. However, if the price drops below $94.50, this bullish forecast may not hold.
