According to a report on July 17, Solana’s native token SOL has shown strong recovery momentum amid recent volatility in the cryptocurrency market. As of the time of writing, SOL is trading at $161.
From July 14 to July 16, the SOL price surged 13%, successfully breaking through the key resistance level of $160 in the past five weeks, reaching a high of $163. However, despite this impressive increase, the current price of SOL is still 24% lower than the high of $209 set in March, making the bullish sentiment mixed with a hint of caution.
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Market participants are questioning the durability of this uptrend and are closely watching to see if SOL can challenge and break through the $180 level again in the near term.
The momentum behind SOL’s rise is partly due to the expected launch of the Ethereum exchange-traded fund (ETF). The U.S. Securities and Exchange Commission (SEC) has issued final instructions to relevant asset management companies, and the ETF is expected to be officially launched on July 23.
This news not only boosts market confidence in Ethereum, but also indirectly benefits competitors such as Solana, as investors may turn to these platforms when looking for alternative investment opportunities.
It is worth noting that VanEck and 21Shares submitted an application for the Solana ETF on July 8. Although the final decision is expected to be made in March 2025, this undoubtedly adds more imagination to the future of Solana.
Another highlight of the Solana ecosystem is its rich memecoin culture. Thanks to the network's low startup and transaction fees, Solana has become a fertile ground for memecoins, giving birth to successful cases such as BONK and DogwifHat (WIF), whose market capitalizations once peaked at $2.8 billion and $4.8 billion, respectively.
This unique community atmosphere not only attracted the attention of a large number of new investors, but also further drove the demand for SOL tokens through increased decentralized application (DApps) activities and improved ecosystem liquidity.
Over the past week, several Solana SPL meme coins have performed well, such as MICHI up 71%, POPCAT up 70%, MYRO up 36%, and TRUMP up 30%.
The success of these projects has not only stimulated market enthusiasm, but also promoted the rapid growth of Solana’s decentralized exchange (DEXs) trading volume. Currently, Solana has become the second largest DEX trading volume blockchain after Ethereum, and is gradually narrowing the gap with the market leader.
At the same time, Solana's total value locked (TVL) has also achieved significant growth, surpassing competitors such as BNB Chain. This trend reflects the Solana network's ability to attract deposits, improve security, and build positive feedback loops. In particular, the strong performance of DApps such as Jito, Kamino, and Jupiter Perpetual has laid a solid foundation for Solana's future development.
The performance of the SOL futures market is also worth paying attention to. The current SOL futures premium is 12%, which is higher than the normal 5% to 10% annualized premium range, indicating that traders are cautiously optimistic about future SOL prices.
summary
Combined with the active performance of the Solana network and the positive signals in the derivatives market, SOL is expected to continue to rise in the coming period, challenging and possibly breaking through the key resistance level of $180. However, investors still need to remain vigilant and pay close attention to market dynamics and potential risks.
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