Solana price surpassed the $241 bullish target

Solana price has surpassed the bullish target of $241, with volume on decentralized exchanges (DEX) booming as we observe a frenzy around the same corners.

Solana layer 1 blockchain price could reach $500 by the end of the year. Its advantages in speed and efficiency over competitors like Ethereum continue to influence its market positioning.

If Solana can sustain above the crucial $241 level, the next target for bulls is $291. Note that all-time high for SOL stands at $259.

It’s going to be difficult to reach $500 by the end of the year, but if we’re talking about a less steep rise, Solana could easily reach the targets in the price range between $350 and $400.

Daily volume on Raydium (DEX) is more than twice that of Ethereum-based Uniswap ($3.93 billion versus $1.45 billion), according to the latest data from DefiLlama.

Solana meme coin value explodes – pump.fun market cap exceeds $8 billion

This explosive increase can be explained by the meteoric growth of meme coins on Solana, which has become a de facto center for the creation of meme coins, in particular thanks to the success of the pump.fun launch platform.

Thanks to the implementation of bonding curves which eliminate complexity and make things user-friendly, pump.fun allows anyone to quickly create a meme coin with the click of a button and at minimum cost.

The pump.fun ecosystem is now valued at $8.2 billionwith an impressive 24-hour trading volume of $4.3 billion.

The leader on pump.fun is Peanut the Squirrel ($PNUT)whose market value stands at $1.6 billion, just over two weeks after its launch.

Since listing on Raydium on November 3 at $0.075, the price of $PNUT has increased by 2,046% to $1.61. If you had purchased it at its lowest point on the open market ($0.0318), you would have earned a 5,099% return.

Those who purchased $PNUT on the bonding curve before its listing on Raydium will benefit from an even greater return on investment.

To be listed on Raydium, tokens must reach a market capitalization of $69,000. Once this threshold is reached, $12,000 of cash is deposited into Raydium and burned.

For those looking for the next pump.fun token, the section « About to graduate » tells users which cryptos will soon be listed.

Launchpad tokens on pump.fun are all fair sales, so there are no pre-sales or allocations for teams.

If you need further proof of Solana’s growing dominance in the meme coin space, take a quick look at the CoinMarketCap homepage:

Solana is now the second most valuable blockchain when it comes to smart contracts. Its proof-of-stake and proof-of-history technology proves its value as a scalable solution for commercial activity. Meme corners are of course above all empty viral objects if we consider their use value.

Robinhood and Coinbase helped create FOMO around Solana this weekend

Two other things have helped Solana over the past few days. Last week, Robinhood canceled the delisting of several cryptos including Solana. The platform thinks that there is nothing more to fear from the dictates of the Securities and Exchange Commission on unregistered titles.

Coinbase has also launched its COIN50 index which is intended to help institutions easily follow the market. Eligible institutions outside the United States, Canada and the United Kingdom can trade the index.

Solana is part of this index with a weighting of 6%. However, Solana’s market cap as a percentage of the total cryptocurrency market cap is 3.56%, so the 6% represents an overweight position. In other words, if a company was looking to replicate the COIN50 index, it would have to buy more than the weight of the crypto’s market cap. Bitcoin has a 50% weighting in the Coinbase COIN50 index while its actual dominance of the total market capitalization is located at 59%.

Solana – the institutions are arriving; Sol Strategies and ETFs will make things easier

Institutional interest in Solana is exploding, with many financial advisors and asset managers adjusting their portfolios to allocate cryptocurrencies in the 5% category generally reserved for alternative asset classes, or those considered to be high risk and more speculative.

On this subject, Nathan McCauley, CEO and co-founder ofAnchorage Digitaltold the Washington Post last week: “The next wave of cryptocurrency adoption will not come from cryptocurrency regulars, but from ordinary investors who prefer to access digital assets through their advisors financiers and their asset managers. » Anchorage is the only federal crypto bank in the United States.

Solana will be one of the main choices, along with Bitcoin, for investment portfolios. For institutions that do not wish to directly hold the digital asset, there is now a publicly traded Solana portfolio companycalled Sol Strategies, which invests directly in Solana and within the ecosystem of this network. Last week, for example, it purchased four validators in a stock and cash deal to acquire Cogent Crypto.

As regulations become more favorable, the likelihood of Solana ETFs being approved has increased significantly since VanEck Digital Assets kicked off its Solana ETF with a first filing that was made with the SEC on June 27, 2024.

And things have changed since the Financial Times reported on July 26 that the success of VanEck’s Solana ETF likely hinged on the outcome of the US presidential election:

Matthew Sigel, who is head of digital assets research at VanEck, confirmed on the filing made by his company was a bet on a Trump victory. Pro-crypto legislation in Washington could also resolve the issue. But with a March deadline, “a lot of things need to change and they need to change pretty quickly,” Tischhauser said.

The Solana ecosystem continues to grow and strengthen

Here’s a roundup of Solana news, showing improvements to the protocol and the progression of adoption in this ecosystem:

The conference Breakpoint 2024 presented the advancements in ZK compression technology for Solana. It aims to reduce data storage costs and improve its scalability. Firedancer is changing regarding its future scalability, as reported by Cryptonews.com in an interview with Leah Waldco-founder of Valkyrie and CEO of Sol Strategies, earlier this month.

The Solana Radar Hackathon attracted over 10,000 participantshighlighting the vitality of the ecosystem and highlighting several innovative projects.

The Midwest Blockchain Conference highlighted the popularity of Solana among students and industry leaders, focusing on the development of different projects.

An analysis of Solana decentralization revealed a strong distribution of validators with 4,514 nodes, indicating a very resilient network structure.

Challenges posed by network congestion were also addressed, and strategies were proposed to optimize transaction processing through priority fees.

Diversification is the name of the game – meme coins for your crypto portfolio

Pepe Unchained ($PEPU) is the first crypto to have its own layer 2 Ethereum blockchain. The project successfully raised just under $36 million during its ICO which ends in 24 days. So there is no time to waste if you want to participate. The project has raised an incredible $3.2 million since Friday. $PEPU could be the next Pepe.

The ecosystem includes the Pepe Pump Padan Ethereum-based pump.fun, where meme coins can be launched simply with a few clicks.

The project raises more than a million dollars every 24 hours. Whales can’t seem to get enough of buying $PEPU, as evidenced by a recent purchase of $67,319. The price of the $PEPU token presale increases every 12 hours and, at the time of writing, it is 0,012891 $.

Those doubting the Pepe brand’s pulling power in the crypto world right now should take a look at a post from Elon Musk on X yesterday:

Crypto All-Stars ($STARS) is a meme coin ecosystem that introduces the innovative concept of unified staking for meme coins. The MemeVault allows meme coin fans to stake their tokens, but to maximize returns, users must stake $STARS token.

Crypto investors appreciate this project, the total presale amounts to $4.2 million. $STARS is selling at $0.0015806 but there are only about 72 hours left until the next price increase. Note that a whale has just purchased $21,714 worth of $STARS.

Flockerz ($FLOCK) is the “people’s meme corner”. It is the first meme coin that will be managed by its owners thanks to its vote 2 earn (V2E) type mechanism. which allows you to earn money. Flockerz allows its community – called The Flock – to guide the project by voting on proposals and thus be rewarded for having participated. Flockerz raised $2.2 million and its price is $0.006053 in the current price phase, which ends in two days.

FreeDum Fighters is a PolitiFi-like meme coin that has garnered more than half a million dollars for his revolutionary approach to vote-to-earn which generated strong sensations during the recent American political campaign, all with a funny atmosphere thanks to memes. You can participate in the above presales via the Best Wallet app. The wallet’s native token is $BEST and is sold exclusively to Best Wallet users through private sales.

Warning: Cryptocurrencies are a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose your entire capital.