Institutional investors continue to favor Solana (SOL). Over the past two days, SOL has experienced significant price increases, leading to optimistic predictions of a potential upward trend. A shift in market sentiment could spur further gains for SOL. Historically, Solana reached its peak price of $260 on November 6, 2021. Currently, SOL is trading at 38% below its all-time high, around $158.2. Recently, it even surpassed $164 before experiencing a minor correction.

Will Solana Climb Higher?

Solana has a track record of outperforming the market during recoveries. The recent uptick in price, increased institutional investments, and on-chain activities have garnered attention. In the last day, Solana’s market value soared to $71.3 billion, marking a 4% increase and positioning it just behind BNB. For the latest updates on technology, visit NEWSLINKER.

Solana's daily trading volume surged by 31% to $3.9 billion, with a weekly price rise of 5%. The yearly price growth has led to a notable monthly increase of 15%, fostering a robust rally within the community. Solana’s DeFi platforms have seen the total locked value (TVL) climb to $4.42 billion, a 7.83% increase, with the volume exceeding $1.2 billion in the same period.

Major protocols on Solana like Jito, Marinade, and Kamino remain strong, each maintaining over $1 billion in TVL. Cryptocurrency enthusiasts believe Solana gained significant attention through NFTs in 2021 and meme coins in 2024.

The Rise of Solana Meme Coins

Despite the current price of SOL being far from its all-time high, there is optimism due to potential Federal Reserve rate cuts and the ongoing meme coin trend. Solana’s meme coins have seen a 6.4% rise in the last 24 hours, bringing their market value to over $7.5 billion. The introduction of new tokens is driving substantial gains in daily transactions, though investors should be cautious as these assets remain highly volatile.

In conclusion, Solana's recent performance and growing institutional interest suggest a positive outlook. While the market remains unpredictable, the current trends indicate potential for further growth and opportunities for investors.