Solana price continued bouncing back as key tokens in its ecosystem like dogwifhat (WIF) and Render (RNDR) rose. It also rallied as its Decentralized Finance (DeFi) network gained more assets. It jumped to a high of $157.60 on Tuesday morning, its highest swing since April 24th.
DeFi and meme coins rise
Solana token has rebounded by over 32% from its lowest level last week as investors focus on its ecosystem growth. Data compiled by DeFi Llama shows that the network’s DeFi Total Value Locked (TVL) rose by almost 15% in the past seven days. In contrast, Ethereum, Tron, BNB, and Arbitrum’s TVL rose by less than 4%.
Most of Solana’s networks have added assets in this period. Jito’s TVL jumped by 22% to over $1.63 billion. Jito, a relatively new network, has become the biggest liquid staking platform in Solana’s ecosystem.
Marinade Finance’s assets have jumped by 10.2% in the past 7 days to $1.48 billion. Other top performers in the network are platforms like Sanctum, Marginfi, BlazeStake, and Drift.
Solana price also rebounded as some of the top tokens in its network rallied. Dogwifhat, the biggest meme coin in Solana’s ecosystem, jumped to $3.50, 555 above its lowest point this month.
Render Token, a platform that offers decentralized GPUs, rose to $10.30, 50% above its lowest point this month. Jupiter’s JUP token has risen by almost 40% as the volume traded in its platform rose to $719 million. It has been passed by DEX platforms like SynFutures V3, Uniswap, Kine Protocol, and Raydium.
Solana’s ecosystem is also growing at a fast pace as more developers take advantage of its features like superior speeds and low transaction costs. For example, Sphere Labs launched a new on/off-ramp network to compete with Alchemy Pay.
Solana also attracted over 1,000 developers in its Renaissance hackathon. The top performers were networks like Ore Supply, Banger Tweets, Wootzapp, and Movement Solana.
Ore Supply is a new cryptocurrency that enables anyone to mine using a novel proof-of-work mechanism on Solana. Banger Tweets has created a marketplace for trading tweets while Wootzapp is a crypto-enabled browser.
Solana price forecast
The daily chart shows that the SOL token price bottomed at $119.75. In most cases, this is one of the most popular bullish signs in the market. The price is now hovering near the neckline of this pattern at $160.37.
Solana token price has jumped above the 50-day and 100-day Exponential Moving Averages (EMA), which is a positive sign. The Relative Strength Index (RSI) indicator has soared above the neutral point of 50. It is also nearing the 23.6% Fibonacci Retracement point.
Therefore, the outlook for the SOL token is bullish as long as it moves above the double-bottom’s neckline of $160.3. As such, if this happens, the next point to watch will be at $200, which is about 27% above the current level.
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