Solana’s price is in its second consecutive week of gains as the network strength gained steam following the recent Official Trump (TRUMP) and Melania (MELANIA) memecoin launch. The SOL token rose to a high of $270 and is hovering near its all-time high of nearly $300.
$206 Billion Catalyst for Solana
Solana price has a $206 billion that may push it significantly higher in the near term. According to DeFi Llama, its DEX protocols handled over $206 billion in volume in the last 30 days, a record high. This volume has pushed the cumulative total to over $893 billion, with Raydium, Orca, and Lifinity.
Solana’s DEX volume in the 30 days was much higher than Ethereum’s $77 billion and BNB Chain’s $63.3 billion. The other top chains, like Base, Arbitrum, and Sui, handled over $51.7 billion, $25 billion, and $12 billion, respectively.
Solana’s DEX volume has jumped because of the ongoing memecoin wave. Official Trump (TRUMP) token’s market cap has jumped to over $7.8 billion, making it the third-biggest memecoin in the industry. The other notable memecoins in the ecosystem are Bonk, Fartcoin, Pudgy Penguins, and Dogwifhat.
Solana’s memecoins have a market cap of over $25 billion, with the 24-hour volume of almost $15 billion. There are rising odds that the ecosystem will continue doing well in the long term.
Solana has multiple catalysts. For one, it had almost 40 million active addresses in the last 7 days, a figure higher than Ethereum, Tron, Base, BNB Chain, Arbitrum, and TON combined.
Solana has also made more money than other chains. Its network fees jumped by 188% in the last 7 days to almost $90 million. Ethereum, Tron, and Base made $53 million, $12 million, and $4 million, respectively.
Solana Price Forecast
The weekly chart shows that the SOL price peaked at a record high of nearly $300. This was a notable price since it was slightly above the key resistance point at $260, the upper side of the cup and handle pattern. The cup’s depth was about 100%, meaning that the coin has more upside to $525 and can double from the current level.
The stop-loss of this trade is $170, the lower side of the cup pattern. A move below that level will point to more downside, potentially to the psychological point of $100.
READ MORE: Solana Surges by 45% to Hit New All-time High at $268
