Solana (SOL) continues to be preferred by institutional investors. In the last 48 hours, SOL has seen significant gains. The recent gains of SOL have led to bullish predictions that the asset might start an upward movement. A reversal and change in market sentiment could initiate an upward move for SOL. Following the bull run in the past, Solana reached an all-time high of $260 on November 6, 2021. As of the time of writing, SOL’s price is 38% below its peak, at the 158.2 region. With recent price movements, SOL surpassed $164 before a correction during the day.
Will Solana Rise?
It is known that SOL can generally outperform the market when it comes to recovery. Amidst all this, an upward movement in price, institutional entries, and on-chain activities drew attention. In the last 24 hours, Solana reached a massive market value of $71.3 billion after a 4% increase and continues to follow BNB.
Solana’s (SOL) 24-hour daily trading volume increased by 31% to $3.9 billion, while the weekly price increase was 5%.
The rise in Solana’s price since last year has also brought a notable monthly price increase of 15%, leading to a stronger rally within the community. The total locked value (TVL) seen on SOL’s DeFi platforms marked $4.42 billion after a 7.83% increase, while the volume for the same period exceeded $1.2 billion.
Among the most voluminous protocols on SOL are Jito, Marinade, and Kamino, all of which continue to stay above $1 billion in TVL. According to some cryptocurrency followers, Solana found a way to attract market attention through NFTs in 2021 and meme coins in 2024.
A Look at Solana Meme Coins
The current price outlook of SOL still seems far from its all-time high due to no change in interest rates. Crypto bulls highlight the Solana meme coin craze and a potential rate cut by the Federal Reserve as factors that could trigger a move towards a new resistance level for SOL.
Looking at Solana meme coins, a 6.4% increase in the last 24 hours did not go unnoticed. The market value of these meme coins is over $7.5 billion. A significant factor driving the upward trend is the entry of new tokens into the market, which can provide substantial gains in daily transactions. Nevertheless, investors should remember that such assets are extremely risky cryptocurrencies.
