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Solana price prediction as its ecosystem continues to gain strength

By:
on Mar 7, 2024
Updated: Jun 21, 2024
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  • Solana token surged to its highest point since 2022 this week.
  • The network is gaining market share in key industries like DeFi.
  • Jupiter and Orca have become the biggest DEX platforms in the industry.

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Solana (SOL) price is in its second week of straight gains and is hovering at its highest level since January 2022. It rose to a high of $145.80, which was over 1,845% from its lowest level in 2023, giving it a market cap of over $64 billion. This makes it the fifth biggest cryptocurrency in the world after Bitcoin, Ethereum, Tether, and BNB. 

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Solana ecosystem is growing

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Solana token price has surged hard, helped by the growing market share in the crypto industry. A look at its ecosystem shows that the growth is gaining momentum.

Solana’s Decentralised Finance (DeFi) ecosystem has over 130 protocols and a total value locked (TVL) of over $7.56 billion. It has overtaken BNB Chain to become the third-biggest protocol after Ethereum and Tron.

Solana also has vast amounts of stablecoins in the network. Its total valuation of all stablecoins in the network has jumped to over $2.7 billion.

Most importantly, Solana is gaining market share in the DEX industry. Jupiter, the biggest DEX in the ecosystem handled tokens worth over $1.36 billion in the past 24 hours. Uniswap V3 Ethereum handled $1.25 billion in the same period.

Orca, the second-biggest DEX in the world handled over $843 million while Raydium processed over $125 million. This is a strong performance considering that these DEX platforms had no major market share a few months ago.

Solana has continued to gain market share in other industries like meme coins. Some of the top meme coins in the ecosystem are Bonk, dogwifhat, Myro, Popcat, and Samoyedcoin. The other fast-growing meme tokens are Harambe on Solana, Ponke, and Solama. All these tokens have a combined market cap of over $4.3 billion.

Solana has also continued strengthening its place in the DePIN industry. The top players in the network are Helium, Nosana, and Hivemapper.

Solana price forecast

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Solana price

SOL chart by TradingView

Turning to the weekly chart, we see that the SOL price is in the second straight weeks as demand continued soaring. The token has risen above the crucial resistance point at $126, the highest swing in December. 

It has remained much higher than the 50-week moving average and the key point at $144, its highest swing in March 22nd. The Average Directional Index (ADX) has risen to over 54, signalling that the token has strong momentum.

Therefore, the outlook for the token is extremely bullish, with the next point to watch being at $160. The stop-loss of this trade is at $126. A break below that level will see it continue falling.

Solana Crypto Trading Ideas