Solana (SOL) Rallies to Three-Month High of $180 as Memecoin Market Expands and On-Chain Activity Surges

Solana (SOL) recently reached a three-month high, with its price climbing to $180 as Bitcoin rapidly approaches a potential new all-time high value.

Solana (CRYPTO: SOL) hit a three-month high price of $180 on Monday evening as Bitcoin approaches a potential new all-time high value.

Solana-specific factors, such as an expanding memecoin market and high on-chain activity, are setting it apart from the broader rally.

Solana’s price surged 16.3% in the last 30 days, signaling a strong performance. More investors are noticing Solana’s potential and are expecting it to cross the $200 price point.

On-Chain Activity, TVL Growth Fuels SOL

The total value locked on the Solana blockchain rose to $5.34 billion, indicating the platform’s growing strength in decentralized finance (DeFi).

The network saw 42.5 million SOL in deposits, the highest since 2022. Popular projects like Jupiter, Raydium and Sanctum saw increases in deposits of 13%, 18% and 17%, respectively.

With this increase in smart contract activity, Solana became the second-largest network in liquid TVL, overtaking BNB Chain and closing in on Ethereum.

Solana's TVL climbed to $5.34B, the highest level in 913 days since January 2022. pic.twitter.com/smOecU4Nfn

— SolanaFloor (@SolanaFloor) July 22, 2024

Solana Memecoin Mania Reaches Record Highs

Solana memecoins hit a record market cap of over $12 billion. Notable tokens include DogWifHat (WIF), POPCAT and the AI-inspired GOAT, which are leading the pack and have garnered a dedicated following.

The memecoin trend also boosted activity on decentralized exchanges (DEXs), with the network outpacing Ethereum in weekly DEX volume growth, recording a 19% increase.

Solana Surges Past Ethereum in DEX Volume Growth

Solana is outpacing Ethereum in terms of weekly DEX volume growth.

Solana saw a 19% increase, while Ethereum experienced a 12% rise.

This marks a significant shift in momentum for Solana, which has historically trailed behind Ethereum in this metric.

The strong demand for Solana memecoins, such as WIF, POPCAT and AI-inspired GOAT, is likely contributing to the network's standout performance.

Leverage, Buying Activity Signal Strength

Solana's futures market analysis shows healthy demand with minimal leverage, a factor that has historically indicated potential for sustained growth.

The current metrics suggest that Solana's price movement to $180 may be the beginning of a broader bull cycle, with further gains toward $200 possible if on-chain strength continues.

Solana's price surged 16.3% in the last 30 days, outpacing Bitcoin and Ethereum's gains during the same period.

Bitcoin rose 8.3% and Ethereum climbed 12.3% over the last 30 days.

Solana's strong performance and unique factors, including memecoin mania and DeFi growth, are setting it apart in the crypto market.

If these factors continue to drive Solana's trajectory, the blockchain network may be poised for further gains in the coming period.

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