Solana (SOL) Records High Network Activity and Meme Coin Spikes Amid Market Surge

Solana (SOL) has posted decent inflows amid the surge in crypto. The asset described as an institutional investor favorite is expected to see a bull

Solana (SOL) price remained largely institutional favorite amid a surge in the crypto market. Despite the recent market downturn, SOL price showed resilience with inflows and a bull takeover still anticipated. Here are the key takeaways highlighting the reasons behind the bullish outlook for Solana.

Meme coin activity on Solana has surged, boosting bullish sentiments and driving attention to the asset. In the last 24 hours, Solana meme coins clocked gains of over 20%, pushing the market cap to over $21 billion.

The meme coin hype is largely attributed to the community and its engagement with the assets. Among the top gainers today are LEPER with a 3763% surge, followed by Jam Cat and Maya with gains of 1446% and 401%, respectively.

Institutions are pivoting towards Solana as the U.S. regulatory landscape is set to become clearer. In 2022, Solana saw six consecutive weeks of inflows, becoming the favorite among altcoins. With anticipation for Solana exchange-traded funds (ETFs), institutional demand is expected to drive prices higher. Whales are also joining the meme coin bandwagon, adding to the bullish narrative.

Solana’s network activity serves as an indicator for gauging sentiments in the asset. These activities can be observed in decentralized finance (DeFi) and trading volumes. Last week, DEX volumes surged to a new all-time high at $26.1 billion.

The 18% increase from the previous week put the network in the lead, outpacing the prominent smart contract network, Ethereum. Data from DefiLlama showed a 460% increase in total value locked (TVL) across decentralized applications on the network.

On Nov 13, TVL on Solana reached $7.9 billion as a diverse range of applications saw inflows. The broader market surge is another factor driving bulls to anticipate higher prices for the altcoin.

As Bitcoin price rallied to new highs, Solana is also expected to follow a similar trend. The asset is known to outpace the market during periods of price peaks.

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