Solana (SOL) Price Rebounds Above $170 Again Fueled by Meme Coin Frenzy

The meme coin ecosystem on the Solana network has surged to more than $11.7 billion and a daily average traded volume of about $3.8 billion.

Key Notes

Solana price has outperformed most of the top-tier altcoins despite the recent crowd's expectation of continued correction.The rising activity in Solana's DeFi space has bolstered the altcoin's bullish sentiment.

As Bitcoin BTC $66 915 24h volatility: 0.8% Market cap: $1.32 T Vol. 24h: $35.93 B price attempts its most important bullish breakout since its inception, the altcoin market, led by Solana SOL $172.5 24h volatility: 4.2% Market cap: $81.06 B Vol. 24h: $5.52 B , has gradually signaled an imminent rally ahead. In the past 24 hours, Solana price rallied nearly 5 percent to trade about $172 on Thursday, October 24 during the mid-London session. As a result, the large-cap altcoin, with a fully diluted valuation of about $101 billion and a daily traded average traded volume of around $5.4 billion, surged to a 12-week peak.

From a technical analysis and fundamentals point of view, Solana’s price in the coming months is likely to perform like Ethereum ETH $2 523 24h volatility: 2.1% Market cap: $303.70 B Vol. 24h: $19.47 B  after the 2020 DeFi boom. Notably, Ether’s price surged from as low as $220 to a peak of nearly $5k, following the DeFi boom in the 2020/2021 crypto bull cycle.

Solana Network Thrives in Tokenization

The Solana network has emerged as a top contender in real-world assets (RWA) tokenization and meme coin development in the recent past. According to the latest market data, the Solana network has grown to more than $6.6 billion in total value locked (TVL), the highest since January 2022.

As of this writing, the Solana network had more than $3.66 billion in stablecoins market cap, which has also grown exponentially since the beginning of this year. Consequently, the Solana network has registered more than 5.3 million daily active addresses, significantly higher than Ethereum’s 377k.

The notable spike in Solana’s on-chain activity has majorly been attributed to its growing meme coin ecosystem. According to the latest data, Solana’s meme coin space grew by around 5 percent in the last 24 hours to a market cap of about $11.76 billion and a daily average traded volume of around $3.8 billion.

Some of the top-performing meme coins on the Solana network include Goatseus Maximus (GOAT), cat in a dogs world (MEW), and Popcat (POPCAT). Nonetheless, some of the Solana-based meme coins, led by Sharpei (SHAR),  have been accused of scamming investors through rug pulls

Short-Term Expectations of SOL

According to market intelligence platform Santiment, Solana has recently outperformed most of the top-tier altcoins due to the negative sentiment of the crowd. While most Solana traders were expecting a continued correction in the past few days, SOL price rebounded to a new multi-week high.

📈 Solana is outperforming most altcoins as prices are looking to rebound after a big fall Wednesday. The #5 market cap asset continues to be a prime example of how the crowd usually gets it WRONG. View the current bearish sentiment as a sign SOL can continue to pump. pic.twitter.com/pRkCnyxRxh

— Santiment (@santimentfeed) October 23, 2024

From a technical standpoint, Solana’s price could continue in a bullish outlook after the SOL/ETH pair broke out to a new all-time high. If the SOL price consistently closes above July’s peak of about $195, the altcoin will be well-positioned to enter its parabolic phase in the subsequent months.

Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.

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