Solana surges amid memecoin activity and DeFi

Solana ($SOL) was seen marking an uptick of 5% amid a rise in trading activities. It pertains to an increase in interest in meme coins. The scenario affects Solana because it demonstrates its ability to handle a larger number of transactions with scalability. Other factors that have contributed to Solana’s growth include a rise in monthly active addresses to 41.65 million and a TVL of approximately $4.9 billion.

SOL is now listed at $173.32, away from the low of $160, which could have opened the doors to further declines. It is now testing the resistance at $170 for a potential surge to $180 in the next 30 days. The current rise in SOL reflects a jump of 0.24% in the last 24 hours and 4.72% in the last 7 days. Notably, the exchange value has increased by 11.21% in the last 30 days.

Solana has retained its spot in the top ten cryptocurrencies across the world, with a market cap of $79.64 billion. That was up 0.20% at press time. However, there is a significant decline in 24-hour trading volume by 22.89%. A rise to $199.90 in the next 30 days is an alternate possibility. If achieved, that would be an upswing of 15.44% from the current value.

The volatility has dropped to 6.86%, and overall sentiments are bullish. The Fear & Greed Index has handed out 78 points to SOL with a 14-day RSI of 58.63. The 50-day SMA and 200-day SMA are $154.67 and $123.55, respectively. Solana’s volatility is averaged over the last 30 days.

That said, ETH has seen outpacing BTC in the last 24 hours. ETH grew by 1.14%, while BTC was slow, with just a 0.03% decline. Nevertheless, Bitcoin continues to dominate the sphere, with a token value of $70,963.61 and a market share of 53.1%. Ether’s share remains restricted at $3,848.75, accounting for 17.5%.

Any growth in Ethereum is credited to speculation around the approval of the Spot Ether ETF by the US Securities & Exchange Commission. The registration forms are likely to be approved by the agency in the near future. Thereby, giving a green light to public exchange platforms and allowing them to launch the product for traders and investors. This would be pivotal, as it would pave the way for more crypto ETFs, including SOL.

The collective trend in the meme coin segment is red at the moment. The market cap is down by 1.03%, and the 24-hour trading volume has dropped by 13.91%. This could signal a holding phase with little to no selling pressure, as the macro sentiments are optimistic.

Solana continues to ride the bull in the DeFi sphere, as evidenced by liquid staking, lending, and perpetual markets. Experts attribute the resurgence to a higher transaction per second throughput and scalability.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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Bitcoin (BTC) $ 61,908.59
Ethereum (ETH) $ 3,409.26
Tether (USDT) $ 1.00
BNB (BNB) $ 577.92
Solana (SOL) $ 137.78
XRP (XRP) $ 0.477341
Dogecoin (DOGE) $ 0.126808
Cardano (ADA) $ 0.393397