Solana trading volume saw a 27% spike in the past 24H.
Potential bullish breakout could push Solana towards $162 or beyond.
Solana (SOL) experienced a 3.29% drop in the last 24 hours, trading at $143.12 after reaching a six-day high of $153 just yesterday. Despite this price drop, its trading volume surged by 28% within the same period. Over the past week, SOL has fallen by 9%, reflecting the broader market downturn. The global crypto market cap also saw a 2% dip, though trading volumes jumped 45%.
Bitcoin and Ethereum followed a similar path, dropping by 3% and 8%, respectively, over the last seven days. Yet, amidst these declines, recent data from The Block revealed that Solana accounted for over 87% of all new tokens created in 2024. Solana launched 108,290 tokens from Sept. 24-30, out of a total of 129,080 across various chains. Much of this growth is attributed to the booming memecoin market, supported by simplified token creation platforms like pump(.)fun.
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