Solana’s SOL hits 30-day high as onchain activity heats up

Solana’s SOL rose above $83 on Friday, its highest level in more than 30 days, as activity across the network picked up in several corners of crypto trading. For everyday investors, the move matters because SOL’s price is often tied to demand for using Solana, not just broad market sentiment toward altcoins.

Cointelegraph reported that SOL moved differently from the wider altcoin market, which was still under pressure and had fallen to its lowest level since December 2023, according to TradingView data cited in the report. The rally began gaining traction around June 23, when cumulative tokenized stock transfers on Solana crossed $10 billion.

Tokenized assets are traditional or real-world assets represented on a blockchain, such as shares, credit products or market indexes. In practice, more tokenized activity can mean more transactions, more wallet usage and more attention on the chain’s apps.

Tokenized assets add fuel

RWA.xyz data cited by Cointelegraph showed tokenized assets on Solana reaching a record $3.5 billion on Wednesday, up from $2.7 billion a month earlier. The increase was linked to corporate credit tokens and stock market index products tied to benchmarks such as the S&P 500 and Nasdaq-100.

Solana also led the tokenized asset sector by active addresses, according to RWA.xyz, with 294,274 active addresses. Ethereum followed with 204,955.

Backpack’s launch of SpaceX share trading also increased use of Solana decentralized finance, Cointelegraph reported. Decentralized finance, or DeFi, refers to blockchain-based financial apps that let users trade, borrow, lend or access other market products without a traditional broker or bank handling the transaction.

Memecoin and prediction market activity returns

Solana’s memecoin market also drew fresh attention after the Sunday airdrop of The Black Bull, known by the ticker ANSEM. The token launched on Pump.fun and reached a $60 million market capitalization by Tuesday, according to Cointelegraph.

The report said the anonymous developer sent about 65% of the token supply to crypto influencer Ansem’s public wallet. Cointelegraph described the distribution as lacking transparency, while noting that 74,000 addresses were involved during the first three days.

The activity also boosted Pump.fun’s own token, PUMP. CoinRanking data cited by Cointelegraph showed PUMP gaining 27% for the week, enough to return it to the top 100 crypto rankings with a $630 million market capitalization. ANSEM later extended its move, reaching an all-time high market capitalization of $112 million on Friday.

Prediction markets added another catalyst. World prediction markets launched through an integration with the Phantom wallet and gathered nearly $890,000 in total value locked within two days, according to Cointelegraph. Total value locked, or TVL, measures the value of assets deposited in a crypto protocol. Jupiter also began beta testing its own prediction markets on June 29.

Leveraged traders turn more cautious

One sign of hesitation came from derivatives markets. Laevitas data cited by Cointelegraph showed SOL perpetual futures’ annualized funding rate falling to 3% on Friday from 11% two days earlier, after SOL first crossed above $75 for the first time in 30 days.

A funding rate is the payment exchanged between traders holding long and short positions in perpetual futures, a type of crypto derivative with no expiry date. Cointelegraph noted that a neutral reading is usually between 6% and 12%, reflecting the cost of capital.

The lower funding rate suggests traders were less eager to use borrowed money to bet on more upside. Cointelegraph said investors appeared reluctant to price in a move toward $90 based only on temporary memecoin demand, with more sustained blockchain usage needed to support a wider gap between SOL and the rest of the altcoin market.

This story draws on original reporting from Cointelegraph.