Solana ends week strong: 7% gain amidst memecoin surge

• The trading volume of the memecoins was over $1.6 billion at press time.
• SOL’s trend remains bullish.

Solana-based memecoins have gained attention this past week, with several assets posting significant increases. By the end of the week, Solana’s market capitalization saw a modest rise, and SOL also wrapped up the week on a positive note.

Solana memecoins post strong gains

According to CoinGecko, the market capitalization of Solana memecoins currently stands at $8.6 billion, highlighting the significant value of these assets within the Solana ecosystem.

Key assets in this category ended the week in positive territory, driving up the overall market cap.

Dogwifhat (WIF) led the pack with a 33% gain over the past week, now trading around $2.28. It holds the largest market capitalization among Solana memecoins, at over $2.2 billion.

Close behind is Bonk (BONK), the second-largest memecoin by market cap, valued at over $1.6 billion. BONK’s price surged by more than 30%, currently trading at $0.000023.

Moo Deng was the biggest gainer of the week, which skyrocketed by over 400% in just seven days. As of this writing, Moo Deng is trading at $0.24 with a market capitalization exceeding $241 million.

Solana volume sees slight uptick

Although Solana’s memecoins experienced a surge in price, the overall network volume did not see the same drastic spike. However, a slight increase was observed, according to data from DefiLlama.

Compared to the previous week, daily trading volume remained either above $1 billion or close to it, marking an improvement from prior levels.

Source: DefiLlma

Additionally, Solana’s Total Value Locked (TVL) experienced a small rise, moving from $5 billion to over $5.4 billion in the past week.

SOL shows steady growth

Solana itself posted a 7% increase over the last seven days, making it the third-highest gainer among major cryptocurrencies, according to CoinMarketCap. Currently, Solana is trading at $155.38, down slightly by 0.89%.

The technical indicators show short-term bullish momentum, with the price holding above key moving averages.

Source: TradingView

 Read Solana (SOL) Price Prediction 2024-25

The 50-day moving average is at $141.74, and the 200-day moving average sits at $154.66, signaling potential for continued upward momentum. However, a sustained breakout will require stronger trading volume to maintain this positive trend.