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One of the most profitable altcoins this year in terms of market value was SOL Coin. The Solana ecosystem practically wrote a legend. Especially the interest in low market cap altcoins both boosted DeFi activity and brought thousands of times gains in some altcoins. Of course, most new Solana altcoins also eroded investors‘ capital.
Solana’s Rise
Solana (SOL) and the altcoins in its ecosystem achieved significant gains in the last 24 hours. In 7 days, the market value of altcoins on the Solana network jumped from $220.93 billion to $234.7 billion. The token of the most popular DeFi platform on the network, Jupiter, JUP, increased by nearly 11% in the last 24 hours. Its weekly gain remained at 4.28%.
Despite the fluctuation in the BTC price, PYTH Coin also rose by 8.6%. Its weekly gain was over 10%. One of the most popular meme coins on the Solana network, Dogwifhat (WIF), rose by nearly 5% and carried its market value to $2.62 billion.
SOL Coin Commentary
On January 1, 2023, SOL Coin, which found buyers at $10, rose more than 17 times. In terms of market value, it had the biggest gain. However, most investors could not act boldly at that time due to concerns about the massive SBF reserve following the FTX collapse. The Solana network has continued its steady growth since then. The volume on the network increased by nearly 20% in the last 24 hours alone, reaching the $2 billion threshold.
The total locked value on the network jumped to $5.42 billion. According to DappRadar data, the increase in unique addresses on the network was 15% in just one week. All these indicate that the rise of SOL Coin is related not only to market excitement but also to the strong return in network activity.
On the technical front, we see that investors expect a rise due to the cup and handle formation. The formation, which was laid on May 20, could push the SOL Coin price up by 35% with closures above the $186 neckline. This means a rise targeting $252.
Thus, SOL Coin will be set in motion for a new all-time high price. Unlike its competitor BNB Coin, which positively diverged in general market rises for months, SOL Coin has not yet managed to set a new ATH. At least, we can say it hasn’t achieved this yet.
