Solana’s native token SOL reached a 30-day high of $83 on Friday, decoupling from a broader altcoin market downturn. The rally was fueled by a resurgence in memecoin activity, a surge in tokenized asset volumes, and growing interest in prediction markets built on the Solana network. However, onchain data suggests traders remain cautious about betting on a continued move toward $90.
Tokenized assets and memecoin revival drive SOL higher
SOL’s bullish momentum began on June 23, coinciding with cumulative tokenized stock transfers on Solana surpassing $10 billion. The launch of SpaceX shares trading via Backpack significantly boosted decentralized finance (DeFi) utilization on the network. In contrast, the broader altcoin market extended its downtrend, hitting its lowest level since December 2023.
Also read: Trump says ‘nothing wrong’ with $1.4B crypto windfall while in office
Tokenized assets on Solana, excluding stablecoins, surged to a record $3.5 billion on Wednesday, up from $2.7 billion a month earlier. The growth was driven by corporate credit tokens and stock market indexes such as the S&P 500 and Nasdaq-100. According to RWA.xyz, Solana now leads with 294,274 active addresses in the tokenized asset sector, compared to Ethereum’s 204,955.
Adding to the momentum, the airdrop of The Black Bull (ANSEM) memecoin on Sunday re-ignited interest in the sector. The token, launched on Pump.fun, reached a $60 million market capitalization within days. The anonymous developer directed roughly 65% of the supply to crypto influencer Ansem’s public wallet, involving 74,000 addresses over the first three days. The distribution lacked transparency but succeeded in drawing attention back to Solana-based memecoins.
Also read: Ripple co-founder Chris Larsen backs Senator Gillibrand's son's crypto venture: Report
Prediction markets and platform tokens gain traction
Several Solana memecoins posted strong weekly gains, but the biggest winner was the Pump.fun platform token (PUMP), which rose 27% over seven days, pushing its market capitalization to $630 million and back into the top-100 crypto rankings. ANSEM extended its gains on Friday, reaching an all-time high market capitalization of $112 million.
Beyond memecoins, the launch of World prediction markets integrated with Phantom wallet has created expectations for increased onchain activity. The project gathered nearly $890,000 in total value locked within two days, positioning itself to compete with Polymarket amid the World Cup betting frenzy. Jupiter also unveiled its prediction markets in beta testing on June 29.
Why use data suggests caution
Despite the price rally, appetite for bullish leveraged positions has cooled sharply. SOL perpetual futures annualized funding rate dropped to 3% on Friday, down from an 11% peak two days earlier. Under neutral conditions, the funding rate typically ranges between 6% and 12% to offset capital costs. The decline indicates that traders are not comfortable betting on a sustained rally to $90 based solely on a temporary memecoin demand surge.
Without sustainable demand for broader blockchain activity, there are no clear drivers for SOL to maintain its performance gap relative to other altcoins. The rally appears driven by speculative interest rather than fundamental network growth, leaving the path to $90 uncertain.
Conclusion
Solana’s SOL token has staged an impressive rally to $83, fueled by renewed interest in memecoins, prediction markets, and tokenized assets. However, cooling leveraged demand and the absence of broader altcoin market support suggest the move may lack staying power. Traders and investors should monitor onchain activity and funding rates for signs of sustainable momentum before concluding that bulls have truly returned.
FAQs
Q1: Why did SOL price rally to $83?
The rally was driven by a surge in tokenized asset volumes on Solana, a memecoin airdrop that re-ignited interest, and the launch of prediction markets on the network.
Q2: Is SOL likely to reach $90?
Onchain data shows a sharp decline in leveraged bullish positions, suggesting traders are hesitant. Without sustained blockchain activity demand, a move to $90 remains uncertain.
Q3: What role did memecoins play in the rally?
The airdrop of the ANSEM memecoin and gains in the Pump.fun platform token (PUMP) attracted speculative attention to Solana, contributing to the price increase.
Be the first to comment