Solana ( SOL ) has become the fourth largest cryptocurrency by market capitalization, surpassing BNB (ranked fifth by market capitalization). According to the market data of Bijie.com, as of press time on July 30 , SOL's current price was $ 183 , and the highest price on the day reached $ 187.20 .
In addition, the Solana chain surpassed Ethereum for the first time in terms of transaction fee revenue last week. Last week on July 22 , Solana 's revenue was approximately $ 25 million, surpassing Ethereum's $ 21 million . On July 28 , Solana 's single-day revenue reached $ 5.5 million, a record high in three months.
Solana ’s liquid staking token is increasing the network’s on-chain activity, with its total locked value ( TVL ) exceeding $ 5.4 billion, ranking third in TVL among all public chains, behind only Ethereum and Tron .
The SOL token price has risen from $ 140 at the beginning of July to $ 183 today ( July 30 ). It is expected to achieve a 30% monthly return rate and is expected to challenge its annual high of about $ 210 in the coming weeks.
While most community members attribute SOL ’s success to Solana ’s memecoin craze, the network’s strong liquid staking ecosystem is emerging as a strong on-chain narrative. With the growth of liquid staking and other decentralized financial applications, the future prospects of the Solana network are promising. Let’s see how this trend develops on the Solana network.
Liquidity Staking Tokens Lead Solana DeFi TVL Growth
According to Deflama data, Solana ’s total locked value ( TVL ) jumped 10% to $ 5.46 billion. As a result, transaction volume increased and on-chain activity also rose.
Liquidity staking projects Jito and Marinade are the leading protocols on Solana , with TVL rising 40% and 30% respectively over the past month.
Liquid staking is a process that combines the advantages of staking and liquidity. Liquid staking allows stakers to maintain the liquidity of staked tokens by using alternative tokens, which they can use to earn additional returns through DeFi protocols. That is, holders can stake their tokens in a smart contract or staking pool and receive a token representing their staked SOL .
The tokens are called Liquid Staking Tokens ( LST ) and can be used to earn yield in other protocols or be used in decentralized financial applications. For Jito and Marinade , these tokens are JitoSOL and mSOL , respectively.
According to Dune Analytics , the total amount of SOL in liquid staked derivatives more than tripled in 2024. The staked LST increased from 163,827 to 807,712 , a 393% increase between June 1 and July 26 .
Data analysis platform Token Terminal shows that Solana 's daily active users and weekly active users increased by 21% and 59% respectively. The increase in active users coincided with the rise in TVL of Jito and Marinade . Therefore, it can be inferred that it is not only memecoin that is currently attracting users to join the Solana network.
Solana Meme Coin Field
Solana 's rapid development is not only due to its technology and liquidity staking ecosystem, but also inseparable from the promotion of Meme coins. According to coingecko data, the total market value of Solana Meme coins reached 9.1 billion US dollars. Recently popular ones include LandWolf , Neiro , FWOG , etc. Covering a variety of theme Meme tokens from dogs, cats to politicians, it has attracted the attention of a large number of users and investors.
Recently, the dog-themed Meme coin NEIRO was launched 15 hours ago, with a market value of $ 40 million and a trading volume of $ 246 million; and today, the new Meme coin FWOG has a trading volume of $ 44.7 million within 5 hours of its launch. Such Meme coins are emerging in an endless stream on Solana , constantly attracting an influx of users and funds, further promoting the rapid development of the Solana network.
Is SOL expected to break resistance and challenge the yearly high this week?
The price of SOL has shown amazing performance in the past few weeks, rising steadily within the decisive symmetrical triangle. According to tradingview SOL 's K- line analysis, the price is currently testing the upper resistance level of the triangle, and a breakout of this resistance level could trigger a bullish trend with a target of $ 203 . Further gains could test higher targets: $ 229 , $ 239 , and even eventually $ 250 . As of press time, SOL has broken through a bullish Double Botto pattern, with the current upper resistance level at $ 202 .
Although the upper resistance is weak, the probability of retesting the yearly high is high. However, Solana is currently experiencing a correction and the price has fallen below the $ 190 mark. If Solana continues its bullish trend, its near-term target is still in the $ 200 to $ 220 range. On the contrary, if the immediate support range of $ 180 is lost, SOL may retest the previous low of $ 165 .
Meanwhile, options trader Trader Wick is leaning bullish, saying that SOL/USD is once again leading the crypto market rally. “Solana is doing great in rallies as always, ” he noted. “ Now that resistance has been broken, it usually starts a whole new trend. ”
Solana is a blockchain platform designed to host decentralized, scalable applications. Founded in 2017 , it is an open source project currently operated by the Geneva-based Solana Foundation, while the blockchain is built by San Francisco-based Solana Labs . Solana is faster in terms of the number of transactions it can handle and has much lower transaction fees compared to rival blockchains such as Ethereum.
