Zinger Key Points
- Solana’s recent rally is tied to heightened trading activity fuelled by new meme coin launches on its platform.
- The potential launch of a Solana Futures ETF in mid-March has traders speculating about further gains.
- Get Wall Street's Hottest Chart Every Morning
Solana's SOL/USD has surged 21% over the past week, driven by excitement over meme coin launches and anticipation of a futures ETF.
| Cryptocurrency | Price | Market Cap | 24-Hour Trend | 7-Day Trend |
| Solana SOL/USD | $244.80 | $119.1 billion | -4.6% | +21% |
| Ethereum ETH/USD | $3,208.51 | $386.5 billion | -3.1% | -3.8% |
| XRP XRP/USD | $3.09 | $177.7 billion | -2.6% | -2% |
Trader Notes: Crypto trader Jelle predicts "more violent moves" ahead as Solana consolidates near its previous all-time highs.
He views the current correction as a healthy pause after its recent rally, suggesting, "It's only a matter of time before the next leg higher."
Meanwhile, trader IncomeSharks warns that Solana memes may face another dip, citing the importance of reclaiming the $272 level for a sustained bullish move.
Statistics: According to DeFiLlama, Solana's total value locked (TVL) has hit a record $11.6 billion as of today.
On-chain revenue has also peaked at $5.9 million.
Santiment data reveals mixed sentiment on Solana, with a 3:2 ratio of negative vs. positive comments across platforms like X, Reddit and Telegram.
The network's minor decoupling from other altcoins, supported by meme coin activity, has stirred retail uncertainty amid transaction delays.
Data shows whales and sharks are accumulating SOL even as retail traders reduce their holdings.
Community News: Bloomberg's Senior ETF Analyst Eric Balchunas shared that Volatility Shares is leading the race to launch a Solana Futures ETF, potentially by mid-March.
However, Balchunas remains uncertain about sustained demand, especially with a spot ETF anticipated soon.
SolanaFloor announced that CME Group will launch SOL Futures contracts on Feb. 10.
Coinbase CEO Brian Armstrong assured traders that the company is scaling infrastructure to better support Solana during periods of high demand, addressing delays in activities like DEX trading and meme coin transactions.
He stated that their goal is to provide tier 1 support for Solana, comparable to Bitcoin, Ethereum and Base, which also faced delays recently due to high activity.
Armstrong oncluded, "The surge in activity is great for the ecosystem but we need to do a better job serving our customers during periods of high demand."
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This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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