The Solana Network and Remarkable Growth
The Solana network has recorded strong growth in the number of daily active users, primarily due to meme cryptocurrencies. The price of SOL could recover above 170 USD if Bitcoin reaches 100 thousand USD soon. Canada’s SOL Strategies Inc. (CSE: HODL), focused on developing the Solana blockchain, purchased 122,524 SOL, worth approximately 18,250,730 USD, at an average price of about 148.98 USD each.
Momentum and Strategies from SOL Strategies
SOL Strategies has just raised an initial 20 million USD from a 500 million USD convertible debt facility. CEO Leah Wald stated, 'These transactions directly reinforce our three-pillar strategy: enterprise-grade validation systems, strategic SOL holdings, and technological innovation for Solana.'
The Impact of Meme Cryptocurrency
VanEck's report highlights that the boom of meme cryptocurrencies on the Solana network is the main driver of on-chain revenue. Meme cryptocurrency trading accounted for 44% and 35% of total trading on DEX exchanges in January and April 2025. Despite concerns about sustainability, Solana continues to demonstrate superior capacity in handling large decentralized trading volumes.
DeFi Activity on the Solana Network
Market analysis from Nansen shows that the top five DeFi products on Solana, including Raydium, Fluxbeam, Pump.fun, and Jupiter, have recorded over 239 million users in the past 30 days. This is a sign of the strong appeal of the Solana ecosystem.
Medium-Term Price Prediction for SOL
After significant growth in April, Solana's price is currently stuck in a correction phase. With a market capitalization of about 85 billion USD, and a total value locked of about 7.6 billion USD, SOL has dropped about 2% in the past 24 hours, trading around 142 USD on May 6. Technical analysis indicates that if it holds above 140 USD, SOL's price could aim for 174 USD; if it breaks the support level around 142 USD, the price could drop to the next liquidity level around 125 USD.
Source: https://tintucbitcoin.com/solana-tang-truong-vuot-troi-co-hoi-dang-cho/
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