Wed, May 22, 2024

Solana Outpaces Market with 5.75% Surge to $192

Is solana dead? SOL Price Prediction

Quick Look:

  • Solana (SOL) sees a 5.75% increase to $192, outperforming the broader crypto market’s 2.2% rise.
  • Memecoins, including Cat in the Dog’s World (MEW), show significant volatility, soaring by 45%.
  • Total Value Locked (TVL) in Solana’s ecosystem will grow by 70% in 2024, reaching 23.78 million SOL.
  • Zeus Network raises $8 million in seed funding, signalling the entrance of new players in the crypto space.

The Solana network’s native cryptocurrency, SOL, has grown significantly, marking a 5.75% increase to approximately $192. This surge outpaces the overall cryptocurrency market’s 2.2% rise, spotlighting Solana’s burgeoning influence and appeal among investors.

Memecoins Surge: Solana Soars, MEME Up 9.5%

The Total Value Locked (TVL) within the Solana ecosystem has seen a staggering growth of 70% in 2024. Later reaching 23.78 million SOL as of April 3. This growth is further underscored by the Solana Dominance Index (SOL.D), which registered a 3.95% increase on April 3, with year-to-date growth at 28%.

In parallel, memecoins have shown vibrant activity. Notable movements included Dogwifhat (WIF) climbing 5.4% and Bonk (BONK) increasing 1.3% in the last 24 hours. The standout performer, Cat in the Dog’s World (MEW), skyrocketed by 45%. The Book of Meme (MEME) also saw a significant rise of 9.5%. Therefore showcasing the dynamic and often unpredictable nature of memecoin investments.

$25M in SOL Funds, Price May Rise 8% to $205

March witnessed a fresh wave of institutional investment into SOL-based funds, totalling $25 million. Technical analysis suggests an optimistic outlook, with SOL’s price expected to approach the upper trendline at $205, indicating a potential 8% increase in the upcoming days.

The Zeus Network recently completed a seed funding round led by Mechanism Capital, raising $8 million towards a projected funding range of $30 million to $100 million, with the majority of funding aimed between $70 million and $100 million. Set for a token launch on April 4, Zeus Network plans to circulate 167.5 million tokens initially, out of a total supply of 1 billion, delineating allocations across early backers, ecosystem development, and more.

Crypto Diversifies: DOGE Down, SOL, ETH, BTC Up

The broader cryptocurrency market on April 3 saw varied movements, with Dogecoin experiencing a 3.60% decline to 18 cents, while Solana, Ethereum, and Bitcoin recorded gains of 1.25%, 1.10%, and 0.14%, respectively. This trend reflects the volatile yet forward-moving nature of the crypto space.

With the Bitcoin halving event scheduled for April 21, anticipation builds for a potential Solana price spike, aligning with CoinCodex predictions of a dramatic SOL price hike to $620 by May 2, marking a 230% increase. This period promises to be a pivotal time for Solana and the cryptocurrency marge as investors and enthusiasts watch closely for the next wave of developments.

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