Important points:
- The resurgence of Solana’s tokenized assets and meme coins propelled SOL to a 30-day high of $83.
- Leveraged bullish appetite has cooled sharply, suggesting that traders are hesitant to bet on further gains to $90.
Solana’s SOL token soared to its highest price in over 30 days at $83 on Friday, indicating a decoupling from the altcoin market. SOL’s rise was fueled by a surge in Solana tokenization trading volumes, an influx of stablecoin liquidity, and an unexpected resurgence in memecoin activity. Will SOL be able to regain the $90 level?
Total altcoin market capitalization, USD (left) vs. SOL/USD (right). Source: TradingView
SOL’s bullish momentum was ignited on June 23rd, coinciding with Solana’s cumulative tokenized stock transfers exceeding $10 billion. The launch of SpaceX stock trading through Backpack propels Solana’s use of decentralized finance (DeFi). In contrast, the broader altcoin market extended its downward trend, reaching its lowest level since December 2023.
30-day net flow of tokenized assets (in USD), excluding stablecoins. Source: RWA.xyz
tokenized assets Viewing revenue on Solana Network soared to a record $3.5 billion on Wednesday, up from $2.7 billion a month ago. Recent boosts have come from corporate credit tokens and stock market indexes such as the S&P 500 and Nasdaq 100. According to RWA.xyz data, Solana leads the tokenization industry with 294,274 active addresses, followed by Ethereum with 204,955.
Memecoin predicts SOL could approach $90 due to market surge
Sunday’s airdrop of The Black Bull (ANSEM) meme coin has reignited interest in the sector. The token, launched on Pump.fun, reached a market cap of $60 million on Tuesday. The anonymous developer directed approximately 65% of the supply to the public wallet of crypto influencer Ansem. The distribution lacked transparency, but involved 74,000 addresses in the first three days.
7-day top performance of Solana token. Source: CoinRanking
Multiple meme coins on Solana soared following the meme coin airdrop, but the biggest winners were Pump.fun Platform token (pump). The 27% weekly gain was enough to bring PUMP back into the top 100 crypto rankings, with a market capitalization of $630 million. The ANSEM meme coin extended its gains on Friday, reaching an all-time high of $112 million in market capitalization.
The launch of the global prediction market integrated into the Phantom wallet is expected to increase Solana activity. The project raised a total of nearly $890,000 in two days and aims to compete with the highly successful Polymarket in the World Cup betting frenzy. Jupiter also announced a prediction market in beta testing on June 29th.
Related: Despite geographic blocks, the US dominates the political stakes of the polymarket – Report
SOL Perpetual Futures Annualized Funding Rate. Source: Lavitas
The appetite for bullish leverage positions has significantly decreased since Wednesday, when SOL price crossed $75 for the first time in 30 days. The annualized funding rate for SOL futures fell to 3% on Friday from a peak of 11% two days ago. Under neutral conditions, the index should range from 6% to 12% to offset the cost of capital.
Investors are wary of betting that SOL will rise to $90 with only temporary gains. meme coin demand undulation. Unless there is sustained demand for blockchain activity, there is no clear impetus for SOL to further widen its performance gap with the rest of altcoins.
