This Monday, Bitcoin once again hit $70,000. The crypto market is generally recovering, driven by BTC. In this turmoil, Solana is the only one that stands out. This month, Solana and its ecosystem have performed exceptionally strongly, rising from $121 at the beginning of the month to $193, a price increase of nearly 60%. The entire ecosystem TVL is also far ahead of other public chains, and its performance is remarkable...

Especially after the huge decline in the past two years, the rise of SOL now makes many people slap their thighs. Who will still remember that SOL struggled at more than 20 US dollars for most of last year?

Everyone was surprised that Solana could rebound so quickly. Starting this week, BTC rebounded above $70,000 and then pulled back again, ushering in a new round of volatility. SOL and its ecosystem have performed very steadily, rising 30% in the past two weeks. The entire ecosystem remains strong among all public chains, and the activity of the ecosystem has surpassed Ethereum several times.

Can SOL break through the previous high of $249?

Looking back at Solana's rise last year, it rose from $30 to $60 and $120, and then to $200 this year, almost breaking through the previous high. Even when the entire market fell sharply, Solana firmly held the support level of $140. And with Bitcoin's latest rebound, Solana took off again, directly breaking through $190 and rushing towards the $200 mark. The ecology is flourishing, and various MEME magic disks are frequently released... This time, Solana may really flip Ethereum in an all-round way.

We can see that SOL hit an all-time high of $259 in November 2021, which reflected the market's great expectations for its high-performance public chain and Defi applications at the time. As the overall crypto market entered a bear market, Solana also fell sharply. Then in November 2022, the FTX bankruptcy incident broke out, and it fell to a low of $8 that no one dared to copy, which dealt a heavy blow to Solana and its ecosystem.

In fact, the high-performance public chain built by Solana during the bull market in 2021 was not ideal in terms of actual adoption. At that time, most of the popular hype projects such as Meme coin were concentrated on Ethereum and BNB chains. In this round, from the initial emergence of Meme in October 2023 to the outbreak of Tugou Shanzhai Meme in March 2024, Solana's high-speed public chain advantage has finally been fully utilized.

The team shifted the focus of ecosystem construction to the Meme project. The right time, right place and right people made Solana's crazy Meme season a success, injecting new vitality and growth momentum into Solana. The on-chain DEX activity once again reached a peak on the 19th of this month, with daily trading volume reaching an astonishing US$2.5 billion.

Recently, the transaction volume of Solana on-chain DEX has surpassed Ethereum again in the past 30 days. The user's enthusiasm for trading Meme remains high. The current daily transaction volume of the leading Meme exceeds 50 million US dollars. Starting with BONK and WIF, Solana has set off a Meme craze. In December 2023, Bonk on Solana started a crazy rise, driving the Meme outbreak of the entire Sol ecosystem; in February 2024, Hat Dog also set off a wave of enthusiasm on Sol; in March, BOME started a new round of "money concept" Meme; and later, the Pump platform's silky one-click coin issuance, Golden Dogs appeared frequently.

These skyrocketing Meme tokens not only brought a rich wealth effect, but also completely ignited the Solana Meme ecosystem. This is also due to the perfect Meme issuance and trading system that has been formed within the Solana ecosystem. From liquidity sharing platforms Orca and Jupiter to DEX trading platforms Raydium and Metaora, and to fully automatic trading bots, Solana has emerged with a variety of infrastructures dedicated to Meme projects.

Solana Data

TVL: Solana's TVL is US$5.4 billion, second only to Ethereum and Tron. Compared with the peak of US$10 billion in November 21, there is still nearly double the room for growth. However, it can be seen that TVL has been rising steadily this year, and there is a promising future.

SOL staking amount: As of July 30, the total staking amount is 388 million SOL, a monthly increase of 0.6%, of which the amount locked by the LST protocol accounts for only 6.3%, or about 20 million.

SOL staked in liquidity protocols has been rising steadily since October last year, indicating that investors are optimistic about the value of SOL in the long term, with 59% locked in the Jito protocol.

DEX transaction volume: Sol ecosystem’s DEX transaction volume has surpassed Ethereum several times, with a total transaction volume of 426.8 billion. In July, the recent 24-hour transaction volume and 7-day transaction volume are comparable to Ethereum. Among them, transactions in Raydium are the most active, with a market share of more than 60%.

Network activity also remained at a high level. The number of weekly DEX traders exceeded 3 million in July, far ahead of other public chains.

Active wallets: Since March this year, the number of active wallets on the Sol network has remained at a high level and has not been affected by the market correction in the previous two months. The number of daily active wallets in late July was over 1 million.

NFT: NFT transactions have been significantly more active on the Sol chain this year.

The SOL team has also been making many attempts to promote the prosperity of the ecosystem. The increase in its own value and the many airdrops make it worthy of long-term investment. The expectation of the successful listing of the Solana ETF also makes us more optimistic about Solana's long-term growth potential in the future.

Later, I will bring you analysis of leading projects in other tracks. If you are interested, you can click to follow. I will also organize some cutting-edge consulting and project reviews from time to time. Welcome all like-minded people in the cryptocurrency circle to explore together.