The cryptocurrency market is abuzz with excitement as Solana's native token, SOL, experienced a 13% rally between July 14 and July 16. Breaking through the $160 resistance for the first time in five weeks, this surge has put traders on high alert, eyeing the ambitious $180 target. However, with SOL still 24% below its March peak of $209, the sustainability of this uptrend remains a crucial question.
Solana Memecoin Frenzy and the Ether ETF Momentum
The recent surge in SOL's price can be attributed to several factors, including the final phase of Ether exchange-traded funds ETFs approval. Bloomberg analyst Eric Balchunas reported that the US Securities and Exchange Commission SEC has issued final instructions to asset managers, with a launch expected on July 23. Similarly, VanEck and 21Shares filed for a Solana ETF application on July 8, with the SEC's decision anticipated by March 2025.
Solana's ecosystem is rich with memecoins, thanks to the network's low transaction fees, making it an attractive platform for launching and trading these tokens. Memecoins like BONK and DogwifHat WIF have seen significant success, with peak market capitalizations of $2.8 billion and $4.8 billion, respectively. This active and engaged community is a significant driver of Solana's recent performance.
Several Solana SPL memecoins have shown impressive gains over the past week. Notable mentions include MICHI up 71%, POPCAT up 70%, MYRO up 36%, and TRUMP up 30%. These gains attract new investors, increasing demand for SOL tokens and boosting decentralized application DApp activity and liquidity within the Solana ecosystem. Solana now stands as the second-largest blockchain in terms of decentralized exchange DEX volumes, closing in on Ethereum despite the latter's average transaction fee of $2.3.
Solana's TVL Growth and SOL Futures Market Premium
The growth in Solana's activity is also evident in its total value locked TVL, which recently surpassed BNB Chain. A higher TVL generally indicates increased network security and a positive feedback loop, attracting more users and developers, thus driving up token valuation and growth potential.
Key highlights on the Solana network include:
- Jito: A liquid staking solution with a 14% increase in TVL over 30 days.
- Kamino: A lending and leverage solution, gaining 12% in deposits within the same period.
- Jupiter Perpetual: A DEX aggregator that saw a 28% growth in TVL over the past month.
In comparison, leading BNB Chain DApps like PancakeSwap and Venus saw declines in TVL by 7% and 5%, respectively.
Analyzing SOL's futures markets reveals a premium in futures contracts, reflecting a bullish sentiment among traders. The current SOL futures premium stands at 12%, indicating traders' willingness to pay more for future contracts, especially relevant given SOL's 25.7% gain over the past eleven days. This positive sentiment, combined with robust network activity and favorable derivatives metrics, suggests that SOL has the potential to reach the $180 target.
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