- Marinade Finance (MNDE) price has soared by over 225% this week.
- Solend (SLND) token has also pumped by over 430% in the past few weeks.
- This rally is in line with the strong performance of Solana.
Solend (SLND) and Marinade (MNDE) prices were among the best-performing coins in the industry on Friday. MNDE token went parabolic and reached a high of $0.6882, which was about 225% above the lowest level this week. This makes it one of the best-performing cryptocurrencies, giving it a market cap of over $154 million.
Meanwhile Solend price has surged by over 40% in the past 24 hours, bringing its combined market cap to over $64 million. It has surged by more than 430% from its lowest level in November.
These two cryptocurrencies are significantly different from each other. Marinade Finance is a liquid staking platform that makes it possible to generate substantial returns for all deposits. Users can get a staking APR of over 10.25%, which is a great return now that bond yields have pulled back. It has a market cap of over $725 million or over 10 million SOL.
Solend, on the other hand, is a lending platform that allows people to generate returns in the platform. One can earn interest and borrow 62 assets across 20 pools in the market at lower fees and fast execution speeds. The total assets supplied in the ecosystem stands at over $189 million.
While SLND and MNDE are significantly different, they have a common denominator in that they exist in one blockchain: solana. These tokens are now surging because of the strong performance of Solana and other tokens in its ecosystem. Solana price jumped to a high of $72 on Friday, the highest point this year. It has soared by over 805% from its lowest point in 2022.
Technicals suggest that Solana has now made the final breakout by moving above the key resistance at $68.21, the previous highest point this year. By moving above that level, it has invalidated the double-top pattern that has been forming. Therefore, some analysts believe that the SOL coin has more upside, with the next level to watch being at $100.
Therefore, SLND and MNDE prices are rising as most Solana tokens jump. In addition to these two, others like Bonk, Solanium (SLIM), and Helium (HNT) have also jumped sharply.
The ongoing Solana and its ecosystem rally is also connected to the strong performance of cryptocurrencies. Bitcoin has jumped above $44,000 while other popular tokens like ETH and Avalanche (AVAX) have surged. This rally has brought the total market cap of all coins to over $1.6 trillion.
The outlook for Solend and Marinade Finance is still bullish as the Fear of Missing Out (FOMO) intensifies. This rally could also continue as Solana attempts to retest $100.
