SOL Price Crosses $245! Will the Momentum Continue?
The Solana ecosystem is showing strong performance with high transaction activity.
Based on the latest data from DefiLlama, five of the ten protocols with the highest earnings in the last 24 hours came from the Solana network. This shows that the Solana ecosystem remains a center of innovation and market interest.
Raydium, a Solana-based automated market maker (AMM) protocol, recorded daily revenue of $11.31 million on November 17, 2024, setting a new record.
Liquid staking protocol Jito generated $9.87 million, while pump.fun, a memecoin launch platform, posted $1.65 million in revenue in a single day.
Additionally, Photon, a trading bot that also features a Telegram bot for Solana memecoin-related transactions and information, earned $2.36 million, reflecting growing interest in the sector.
Memecoins such as Peanut ($PNUT ) and Dogwifhat ($WIF ) are the main drivers of this activity. PNUT, for example, saw its value increase by 2700% in the last two weeks, with a market capitalization of $2.4 billion.
Meanwhile, newly listed WIF on Coinbase pushed its price to $4.19, the highest in the last six months. This increased memecoin activity adds to Solana's attractiveness in the eyes of investors.
$SOL price is currently above $245, approaching its record high of $259 in 2021.
Technically, the long-term chart shows a cup and handle formation, a pattern that is usually a positive signal for future price movements.