The day before, the price of Solana (SOL) crossed $150 and reached a new maximum since January 2022. The positive dynamics were influenced by a number of factors, including the bankruptcy of FTX and the rally of “meme” coins.
Market dynamics of SOL and the Solana ecosystem
According to CoinGecko, at the time of writing, Solana is trading at $152. Over the past 24 hours, the value of the asset has increased by a total of 4.4%, and over the past two weeks – by 42%.
The peak value within 24 hours was $152.2. The last time such a price was recorded was in early January 2022, when SOL was steadily declining after the collapse of FTX.
The current mark is still 44% below the all-time high of $259 reached in November 2021. According to DefiLlama, the volume of blocked funds (TVL) in Solana protocols exceeded $3 billion. The indicator also updated the 2022 record.
Pantera Capital wants to buy SOL tokens for $250 million
On March 7, it became known that Pantera Capital wants to purchase SOL tokens from the collapsed FTX crypto exchange. In order to raise capital, the company even launched a special fund. It offers large investors to buy Solana coins at 39% below the 30-day average price.
Amid the news of such an initiative, the price of the cryptocurrency exceeded the critical level of $142. However, the strong bullish momentum is largely driven by other factors.
Memecoins rally
Memecoin mania has taken over the entire crypto market. One of the absolute growth leaders is dogwifhat (WIF), which appeared on Solana at the end of last year.
According to coinmarketcap, the value of the “meme” coin has skyrocketed over 500% in the past two weeks. On March 6, WIF reached an all-time high of $2.18. At the time of writing, the asset price is $2.02.
This week, a new group of memecoins, created in honor of famous personalities, also led the way in trading volume and performance. Thus, the token about Joe Biden soared by 126,000% in one day.
What else helps Solana grow?
It’s not just memecoins that are in high demand on the Solana network. The Jupiter token (JUP) has risen in price by 51% over the past two weeks, and Raydium (RAY) by 38%.
Continued interest in SOL is also fueled by upcoming token airdrops. Thus, members of the crypto community expect free coins from projects such as Wormhole, Kamino, Parcl and MarginFi.
