Key takeaways:
- Solana’s tokenized assets and memecoin recovery drove SOL to a 30-day high of $83.
- The appetite for bullish leverage has waned sharply, suggesting investors are hesitant to bet on further gains to $90.
Solana’s SOL token rose to a more than 30-day high on Friday at $83, marking a decoupling from the altcoin market. SOL’s growth has gained momentum thanks to an raise in tokenized trading volume on Solana, an influx of stablecoin liquidity, and an unexpected surge in memecoin activity. Can SOL recover to $90?
Total altcoin market capitalization, USD (left) vs. SOL/USD (right). Source: TradingView
SOL’s bullish momentum occurred on June 23, coinciding with cumulative tokenized share transfers on Solana exceeding $10 billion. Backpack’s launch of trading in SpaceX shares resulted in Solana’s utilize of decentralized finance (DeFi). In contrast, the broader altcoin market extended its downtrend, hitting its lowest level since December 2023.
30-Day Tokenized Net Asset Flows Without Stablecoins, USD. Source: RWA.xyz
Tokenized assets on the Solana network rose to a record high of $3.5 billion on Wednesday, up from $2.7 billion a month earlier. Recent growth has come from corporate credit tokens and stock indexes such as the S&P 500 and Nasdaq-100. According to RWA.xyz data, Solana leads with 294,274 busy addresses in the tokenized industry, followed by Ethereum with 204,955.
Memecoins, Prediction Markets Rise Could Push SOL Toward $90
Sunday’s airdrop of memecoin The Black Bull (ANSEM) has renewed interest in the industry. The token, launched on Pump.fun, reached a market capitalization of $60 million on Tuesday. The anonymous developer directed approximately 65% ​​of the supply to the public wallet of influential cryptographer Ansem. The distribution was not lucid, but it covered 74,000 addresses in the first 3 days.
Top 7-day performance of Solana tokens. Source: CoinRanking
Many memecoins on Solana surged after the memecoin airdrop, but the biggest winner was Pump.fun platform token (PUMP). The 27% weekly gain was enough for PUMP to return to the top 100 cryptocurrency rankings, with a market capitalization of $630 million. Memecoin ANSEM increased its gains on Friday, reaching an all-time high market capitalization of $112 million.
The launch of global forecast markets integrated with the Phantom portfolio has created expectations for increased Solana activity. The project raised almost $890,000 in two days and aims to compete with the hugely successful Polymarket amid the World Cup betting frenzy. Jupiter also unveiled its prediction markets in beta testing on June 29.
Related: United States dominates Polymarket political betting despite geoblocking – report
SOL Perpetual Futures Annual Funding Rate. source: Laevitas
The appetite for bullish leveraged positions has declined significantly since Wednesday, when SOL traded above $75 for the first time in 30 days. The one-year SOL futures funding rate fell to 3% on Friday from a peak of 11% two days earlier. Under neutral conditions, the ratio should be between 6% and 12% to balance the cost of capital.
Investors don’t feel comfortable betting on SOL rising to $90 based on a short-lived situation alone demand for memecoins growth. Unless there is sustained demand for blockchain activity, there are no clear drivers for SOL to further widen the performance gap compared to other altcoins.
