New York, NY – Activity on the Solana blockchain surged significantly, with a notable increase in Unique Active Wallets (UAWs) recorded in the last 24 hours. Decentralized applications such as Jupiter, Raydium, and Magic Eden played a significant role in driving this surge, according to data from DappRadar.
The number of UAWs on aggregator Jupiter Exchange saw a remarkable 251% increase, reaching 307,100. Similarly, Raydium experienced an uptick to 285,200 UAWs, while NFT activity also saw a noticeable rise. Furthermore, Magic Eden saw a substantial 178% increase in UAWs within the same period.
The rise in activity on Raydium and Jupiter has been associated with the growing trend of memecoin activity in the market. An examination of the platforms revealed that this surge in memecoin interest could be attributed to GameStop (GME) and legendary trader Keith Gill, also known as “Roaring Kitty.”
Despite the increased demand for SOL, the price of Solana’s native token fell to $162.44, representing a 5.44% decrease in the past 24 hours. Analysts suggest that the influx of degenerates trading highly volatile tokens, fueled by the memecoin narrative, could be contributing to the price fluctuations.
Volatility for SOL has seen a significant increase, indicating potential price fluctuations in the near future. While a surge in buying pressure accompanied by high volatility could lead to a breakout in price, there are indications that SOL may drop below $160 in the short term.
Additionally, the correlation between Solana and Bitcoin has been on the decline since early June, suggesting that the two assets may not always move in tandem. As Bitcoin’s price remains uncertain, it is unclear whether SOL will follow a similar trajectory or chart its own course in the market.
As investors navigate the volatile cryptocurrency landscape, predictions about SOL’s future price range from reaching $200 in the short term to potentially hitting $1,000 in the long run. Ultimately, market conditions and external factors will play a crucial role in determining the future trajectory of Solana’s native token.