Solana (SOL) has staged a sharp recovery, climbing more than 30% this week to trade near $125, following a dip to its lowest level in 13 months. The rebound comes amid renewed enthusiasm in the Solana ecosystem, largely driven by speculative activity in meme coins and robust trading on decentralized exchanges (DEXs).
Meme Coins Revive Market Sentiment
According to market observers, much of Solana’s recent momentum is linked to the strong performance of meme-based tokens built on its blockchain. Fartcoin surged more than 81% in the past week, while Popcat gained 57%, contributing to a broader uptick in sentiment among retail investors.
Other tokens like Gigachat, Goatseus Maximus, Fartboy, and Vine also posted notable gains, pushing the combined market cap of Solana meme coins past $7 billion. This surge has reinvigorated trading activity and driven speculation that the network is entering a new growth phase.
DEX Volume Signals Growing Ecosystem Usage
Solana’s price rebound is also supported by rising transaction volumes across decentralized exchanges in its ecosystem. Over the past week, DEX protocols processed over $14 billion, with the figure climbing to $46 billion over the past month. A substantial portion of this volume has come through Orca, one of Solana’s leading DEX platforms.
This activity highlights growing user engagement and liquidity within the Solana ecosystem, suggesting that its infrastructure is benefiting from renewed attention despite recent broader market volatility.
Path to $150?
Analysts believe the recent breakout could pave the way for Solana to test the $150 resistance level, especially if meme coin speculation remains strong and institutional sentiment returns to risk assets. However, the sustainability of this rally may depend on broader crypto market trends and whether Solana can continue building momentum beyond short-term hype.
