Solana’s native token rallied to $83 on Friday, marking its highest price in over 30 days, as tokenized asset trading volume surged and memecoin activity revived on the network.
The rally, which began on June 23 when cumulative tokenized stock transfers on Solana surpassed $10 billion, has decoupled SOL from the broader altcoin market, which extended its downtrend to its lowest level since December 2023. By Wednesday, tokenized assets on the Solana network reached a record high of $3.5 billion, up from $2.7 billion one month prior.
Solana’s tokenized asset ecosystem includes corporate credit tokens and stock market indexes such as the S&P 500 and Nasdaq-100. Backpack, a platform that launched SpaceX shares trading, has propelled Solana’s DeFi utilization. The network now hosts 294,274 active addresses in the tokenized industry, outpacing Ethereum’s 204,955 active addresses.
Memecoin Revival Fuels Volume
The Black Bull (ANSEM) memecoin airdrop on Sunday reignited memecoin sector interest. By Tuesday, ANSEM reached a $60 million market capitalization. The memecoin distribution lacked transparency, with 65% of ANSEM’s supply directed to crypto influencer Ansem’s public wallet. Over the initial three days, 74,000 addresses participated in the ANSEM distribution, and the token climbed to a $112 million all-time high market capitalization by Friday.
Pump.fun, the memecoin launch platform, saw its platform token PUMP gain 27% weekly, reaching a $630 million market capitalization.
Prediction Markets Enter Beta
On June 29, Jupiter unveiled prediction markets under beta test. World, a prediction market project aiming to compete with Polymarket, accumulated $890,000 in total value locked within two days. Phantom, a wallet provider, integrated World prediction markets into its platform.
Funding Rates Signal Cooling Momentum
SOL perpetual futures annualized funding rates dropped sharply on Friday to 3%, down from an 11% peak two days prior. Funding rates between 6% and 12% are considered neutral. The decline suggests reduced bullish leveraged appetite.
Cointelegraph’s analysis noted that “investors are not comfortable betting on a SOL rally to $90 merely on the back of a temporary memecoin demand surge.” The $90 level represents a potential resistance point for the token.
The sustainability of SOL’s outperformance remains uncertain. While tokenized assets and memecoin activity have driven near-term gains, analysts question whether these catalysts can sustain momentum beyond the $83 level and propel the token to $90 without broader market support.
