Solana’s bullish trajectory continues as its price flirts with the $200 mark.
The momentum is enabled by resounding interest in its ecosystem, with meme coins presale projects like Book of Meme, Slerf, and Slothana all causing a stir.
SOL Price Shows Strength Amid Parabolic Ecosystem Growth
The Solana price is enhanced by unwavering on-chain activity, with exchange volume, TVL, and meme coins all reaching new heights.
Currently, Solana is priced at $196, up 0.2% today, 5.4% this week, 48% this month, and 836% this year.
Despite its price being flat today, it has experienced a surge in 24-hour trading volume, up 37% at $3.1 billion.
Indeed, its recent performance has turned heads in the crypto community. However, it is to be expected given its spectacular on-chain metrics.
As per data from The Block, Solana recently hit its highest number of daily active wallet addresses since its peak in 2021. What’s more, it is experiencing a more steady ascent, indicating organic and sustainable growth.
Solana’s growing user base is also reflected in DEX activity, with two of crypto’s three top DEXs by volume being on Solana.
Currently, Jupiter and Orca hold first and third spot, separated by Ethereum’s Uniswap in second place.
Meanwhile, Solana’s TVL is also thriving at $7 billion, its highest level since December 2021. Per DeFiLlama data, this equates to a whopping 65% increase this month.
These on-chain statistics represent a growing demand for SOL among crypto users.
However, analyst ELI5 of TLDR recently noted that the price of Grayscale’s Solana fund is trading at a significant premium compared to the crypto market value of SOL.
This indicates a deep-rooted demand among institutional heavyweights who cannot purchase via traditional crypto exchanges.
Yet, the primary driver behind Solana’s recent ascent is its sensational meme coin season. The saga has taken many twists and turns, starting with blue chips like Bonk and Dogwifhat.
However, its latest revelation is presale meme coins. Book of Meme kickstarted the trend, becoming the fastest meme coin to reach a $1 billion market cap shortly after its IEO.
Then Slerf took flight, eclipsing Ethereum in 24-hour trading volume just days after launching.
But new presale Slothana looks primed to explode next, raising over $5 million in its opening six days of presale.
New Solana Presale Slothana Raises $5M and Backed to 10X
Given its unparalleled presale success, it should come as no surprise that Slothana is dubbed as the next meme coin to explode.
“10X potential meme coin gem,” said renowned analyst Jacob Bury in a recent YouTube video.
Adding to the excitement is the success of other Solana meme coin presales. LookOnChain reported numerous instances of traders becoming absurdly wealthy by purchasing the Book of Meme presale and then selling once its price surged.
However, Slothana has already overshadowed BOME in its presale, with BOME raising just north of $2 million.
Indeed, this sets an immensely bullish outlook for $SLOTH. However, speculation is brewing that a shrewd team of marketers launched the project and masterminded its early success.
The rumors speculate that it’s the same group that launched Smog.
This would be tremendously bullish, considering Smog soared 100x to a $200 million market cap after launching in February.
Adding fuel to the fire, the Smog team was one of the very first interactions on Slothana’s X account when it had less than 50 followers, commenting on its first post, “To the moon.”
But while Slothana’s outlook is bullish, there is no predetermined presale hard cap, so potential buyers must act fast.