Solana, often dubbed the “sleeping giant,” has recently woken up with a bang. Breaking through key resistance levels, SOL has shot up by over 12% in a bullish start to the week, crossing the $200 mark. This surge not only hints at the potential for a new all-time high but also highlights Solana’s growing dominance by surpassing Ethereum in trading volume, reaching an impressive $3.79 billion amid the ongoing meme-coin frenzy.
Despite the negative rumors, the $SOL price rallied, becoming the fourth-largest crypto by market cap. Let’s see what happens next.
Lookonchain, a top blockchain analytics platform, has provided valuable insights into what’s driving Solana’s rise in the cryptocurrency market. One key finding is Solana’s Total Value Locked (TVL) in decentralized finance (DeFi), which has surged to its highest level in two years, jumping a remarkable 80% in just the last month. This surge reflects growing confidence and activity within Solana’s DeFi projects as more money flows into them.
Behind this surge in DeFi TVL are the numerous meme coins and tokens flourishing on the Solana blockchain. These tokens, fueled by viral trends and internet memes, have caught the attention of traders and investors, sparking a flurry of trading activity and a strong demand for Solana-based assets.
A prime example is the rapid rise of Book of Meme (BOME), a newly launched meme coin on Solana, whose market capitalization soared to an astonishing $1.45 billion in a remarkably short time, highlighting the potential for quick growth and speculation within the Solana ecosystem.
On a rare scenario, Solana’s trading volume has occasionally outpaced Ethereum’s, indicating a shift in trading towards the Solana network. Notably, this surge is driven by rising interest in Solana-based assets and tokens, alongside the network’s capability to process high transaction volumes swiftly and affordably.
Furthermore, the actions of whales, or large investors, have a significant impact on Solana’s price movements. These whales, holding substantial amounts of SOL tokens, have been taking advantage of the recent surge by selling their holdings, potentially causing short-term fluctuations in price.
For example, over two days, the whale “BU6N2Z” deposited 200,000 $SOL ($39.85 million) into Binance while still holding a significant stake in SOL.
As Solana continues to assert its dominance, savvy investors stand to benefit from its upward trajectory.
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