Can Solana Tap A New All-Time High Above $260?

17 May, 2024 Updated 27 Aug, 2024

By David Pokima

Crypto Journalist

Expertise : Finance/Crypto Journalist

David is a finance news contributor with 4 years of experience in Blockchain Technology and Cryptocurrencies. He is interested in learning about emerging technologies and has an eye for breaking news. Staying updated with trends, David reported in several niches including regulation, partnerships, crypto assets, stocks, NFTs, etc. Away from the financial markets, David goes cycling and horse riding.

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Solana (SOL) remains an institutional investor favorite and has picked up huge gains in the last 48 hours. Recent gains of SOL have led to bullish predictions of the asset going on an uphill run. A turnaround and change in market sentiment can spur an upward trajectory for the asset although bear opine that a new all-time high is far off.

Solana hit an all-time high of $260 on November 6 2021 following the bull run that saw increased decentralized finance (DeFi) numbers. At press time, the price of SOL stands at $159.2, 38% below its peak. Recent flows have seen the going gear past $164 amid intra-day corrections.

Solana Goes Bullish

SOL is known for outpacing the market in a recovery and an upward momentum has been recorded in price, institutional flows, and on-chain activities. In the last 24 hours, Solana has moved up 4% to a market cap of $71.3 billion. The asset’s 24-hour daily volume surged 31% to $3.9 billion as weekly flows hit 8.35%.

Solana’s sustained uptick has seen monthly movements above 20% igniting a stronger rally in the community. The asset’s total value locked (TVL) across DeFi platforms stands at $4.42 billion, a 7.83% increase while volumes in the same period are up $1.2 billion. Top protocols include Jito, Marinade, and Kamino all above $1 billion in TVL.

According to some crypto enthusiasts, Solana has always found a way to capture the market’s attention through non-fungible tokens (NFTs) in 2021 and memecoins in 2024.

Can Solana Memecoins Rally Asset?

The current price of SOL is far off from its all-time high in the short term because interest rates remain unchanged. Crypto bulls have pointed to Solana memecoins craze and a potential cut in rates by the Federal Reserve as factors that could lift to asset to a new resistance level.

Solana memecoins are up 6.4% in the last 24 hours with its market cap above $7.5 billion. A key factor driving bullish projections is the inflow of new tokens posting 50X gains in daily trading. Rate cuts will add to the values of memecoins as investors will move funds to risky assets.

Also Read: Will BOME Displace BONK With Double Digit Flows?

Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.

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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.