Solana‘s ecosystem has seen a remarkable uptick in market performance, marking one of the most profitable periods for SOL Coin this year. Notably, the interest in low market cap altcoins has spurred DeFi activity, leading to exponential gains for certain tokens. However, this rapid appreciation also exposed investors to significant risks, eroding capital for many.
What Led to Solana’s Recent Gains?
In the past 24 hours, Solana (SOL) and its associated altcoins recorded substantial gains. Within a week, the market value of altcoins on the Solana network surged from $220.93 billion to $234.7 billion. Jupiter (JUP), the leading DeFi platform on Solana, saw its token rise by nearly 11%, with a weekly increase of 4.28%. Even amid BTC price fluctuations, PYTH Coin experienced an 8.6% increase, surpassing a 10% gain for the week. The meme coin Dogwifhat (WIF) also grew nearly 5%, reaching a market value of $2.62 billion.
How Did SOL Coin Perform?
SOL Coin, initially valued at $10 on January 1, 2023, has appreciated over 17 times in market value. Despite initial investor hesitancy due to the massive SBF reserve post-FTX collapse, Solana has maintained steady growth. Recently, network volume surged nearly 20% in 24 hours, hitting the $2 billion mark. Additionally, the total locked value on the network increased to $5.42 billion, with unique addresses rising by 15% in just a week according to DappRadar data. This suggests that SOL’s rise is driven by robust network activity, not merely market speculation.
Investment Insights: Concrete Takeaways
– Jupiter (JUP) token saw an 11% rise in 24 hours.
– PYTH Coin enjoyed an 8.6% increase, with over 10% weekly growth.
– Dogwifhat (WIF) meme coin climbed nearly 5%, achieving a $2.62 billion market value.
– Network volume for Solana surged by 20% in the last 24 hours, hitting $2 billion.
– Solana’s total locked value jumped to $5.42 billion, with unique addresses rising by 15% in a week.
On the technical front, a cup and handle formation observed since May 20 suggests a potential 35% rise for SOL Coin if it surpasses the $186 neckline, potentially targeting $252. Unlike its competitor BNB, SOL Coin has yet to achieve a new all-time high, though it appears poised for further growth.