The price of Solana (SOL) has surged past the bullish target of $241, with the volume on the ecosystem’s decentralized exchanges (DEXs) skyrocketing amid an unstoppable frenzy for meme coins. Solana, a Layer 1 blockchain, could see its price hitting $500 by the end of the year, thanks to its speed and efficiency advantages over competitors such as Ethereum, which continue to influence its market standing.
If Solana maintains its position above the crucial 241 level, the bulls’ next target would be $291, entering uncharted price discovery territory since the SOL all-time high is 259. Reaching $500 by year-end would be ambitious, but even a more moderate increase should easily see prices in the $350-$400 range.
The daily DEX volume on Raydium now more than doubles that of Ethereum-based Uniswap ($3.93 billion vs. $1.45 billion), as the latest data from DefiLlama shows. Solana DApps are also experiencing record fees and revenue. The value of Solana is set to soar as meme coins on the platform explode in value, with the market cap of pump.fun surpassing $8 billion.
Solana’s value is poised to surge as meme coin values skyrocket, with pump.fun’s market cap topping $8 billion.
The rapid growth of meme coins on the Solana chain, now the go-to platform for these assets, is driving this surge, bolstered by the successful launch of the pump.fun launchpad. Pump.fun’s innovative use of bonding curves simplifies the process, allowing anyone to launch a meme coin with a simple click and minimal cost. Today, the pump.fun ecosystem boasts a valuation of $8.2 billion and an impressive 24-hour trading volume of $4.3 billion.
Peanut the Squirrel (PNUT) leads the way on pump.fun, achieving a market value of $1.6 billion just over two weeks post-launch. Since its Raydium listing on November 3 at $0.075, the price of PNUT has skyrocketed by 2,046% to $1.61. Purchasing at the lowest market price of $0.0318 would have yielded a staggering return of 5,099%. Early buyers of $PNUT on the bonding curve before its Raydium listing are now seeing even greater investment returns.
For a token to list on Raydium, it must achieve a market cap of $69k, after which $12,000 in liquidity is deposited on Raydium and then burned. The influx of institutional interest in Solana is increasing as financial advisors and asset managers rebalance their portfolios to include crypto within the 5% typically earmarked for alternative, high-risk, speculative asset classes.
Solana price – the institutions are coming; Sol Strategies and ETFs to smooth the way
Nathan McCauley, CEO and co-founder of Anchorage Digital, discussed with the Washington Post last week the trend of mainstream investors moving towards digital assets through existing wealth management and financial advisor relationships, rather than through crypto-native channels. Anchorage stands as the only federally chartered crypto bank in the US. Solana is emerging as a top pick for investment portfolios, alongside bitcoin.
