Solana Price Could Hit $500 By End 2024: Here’s Why

The

Solana
price
has
surged
past
the
bullish
$241
target
as
volume
on
the
network’s
decentralized
exchanges
(DEXs)
skyrockets
amid
a
seemingly
unstoppable
meme
coin
mania.

Layer
1
blockchain
Solana’s
price
can
reach
$500
by
year’s
end
as
its
speed
and
efficiency
advantages
over
competitors
like
Ethereum
continue
to
impact
market
positioning.

If
Solana
can
hold
the
break
above
the
crucial
$241
level,
then
the
next
target
for
bulls
is
$291,
which
is
well
into
price
discovery
territory
–
the
SOL
all-time
high
is
$259.

It
would
be
a
steep
climb
to
hit
$500
by
the
end
of
the
year,
but
even
a
shallower
ascent
would
easily
capture
$350-$400
price
range
targets. 

DEX
daily
volume
on
Raydium
is
more
than
double
that
of
Ethereum-based
Uniswap
($3.93
billion
vs
$1.45
billion),
according
to
the

latest
DefiLlama
data.   

Solana
Meme
Coins
Explode
As
Pump.Fun
Market
Cap
Surpasses
$8
Billion

Behind
the
surge
is
the
explosive
growth
of
meme
coins
on
the
Solana
chain,
which
has
become
the
de
facto
home
of
meme
coins,
helped
by
the

pump.fun
launchpad
breakout
success. 

Through
its
clever
implementation
of
bonding
curves
that
abstract
away
complexity
through
its
user-friendly
design,
pump.fun
enables
anyone
to
quickly
spin
up
a
meme
coin
at
the
click
of
a
button
at
minimal
cost.

The
pump.fun
ecosystem
is
today
valued
at
$8.2
billion
with
an
equally
impressive
24-hour
trading
volume
of
$4.3
billion.

Leading
the
charge
on
pump.fun
is
Peanut
the
Squirrel
($PNUT),
commanding
a
market
value
of
$1.6
billion
a
little
more
than
two
weeks
since
its
launch.

Since
its
listing
on
Raydium
on
November
3
at
$0.075
the
$PNUT
price
has
surged
2,046%
to
$1.61.
If
you
had
bought
it
at
its
lowest
point
on
the
open
market
($0.0318)
you
would
have
bagged
a
return
of
5,099%.

Those
who
bought
$PNUT
on
the
bonding
curve
prior
to
its
Raydium
listing
will
be
sitting
on
an
even
bigger
return
on
investment.

To
be
listed
on
Raydium,
tokens
must
reach
a
market
cap
of
$69k.
When
that
is
achieved,
$12,000
liquidity
is
deposited
on
Raydium
and
burned. 

Here’s
How
To
Find
The
Next
Gem
Like
PNUT
On
Pump.Fun

For
those
hunting
for
the
next
hot
pump.fun
token,
the
‘about
to
graduate’
section
in
the
advanced
section
of
pump.fun
shows
users
what’s
in
the
imminent
listings
pipeline.

Pump.fun
launchpad
tokens
are
all
fair
sales,
so
there
is
no
presale
or
team
allocation.

If
more
evidence
is
needed
of
the
growing
dominance
of
Solana
in
the
meme
coins
category,
take
a
cursory
glance
at
the
CoinMarkeCap
homepage:

Solana
is
now
the
second
most
valuable
blockchain
for
running
smart
contracts.
Its
proof
of
stake
and
proof
of
history
technology
is
proving
its
worth
as
a
scalable
solution
for
commercial
activity,
even
though
meme
coins
are
of
course
primarily
vacuous
viral
efforts
from
the
standpoint
of
their
use
value.   

Robinhood
And
Coinbase
Helped
Boost
Solana
FOMO

Another
couple
of
things
have
helped
Solana
over
the
past
few
days.
Last
week,
Robinhood
reversed
its
previous
delisting
of
several
coins,
including
Solana—it
no
longer
thinks
there
is
a
danger
that
the
formerly
delisted
need
worry
about
the
Securities
and
Exchange
Commission’s
unregistered
securities
diktats.

In
addition,
Coinbase
launched
its

COIN50
index
aimed
at
helping
institutions
to
easily
track
the
market.
Eligible
institutions
outside
of
the
US,
Canada
and
UK
can
trade
the
index. 

Solana
is
in
the
index
with
a
weighting
of
6%.
However,
Solana
market
cap
as
a
percentage
of
the
total
crypto
market
cap
is
3.56%,
so
6%
represents
an
overweight
position.
In
other
words
if
a
company
were
looking
to
replicate
the
COIN50,
they
would
need
to
buy
more
than
the
market
cap
weight
of
the
coin.
Bitcoin
has
a
weighting
of
50%
in
the
Coinbase
COIN50
index
while
its
actual
dominance
of
total
market
capitalization
is
59%.

Solana:
Institutions
Are
Coming,
With
Sol
Strategies
And
ETFs
Smoothing
The
Way

Institutional
interest
in
Solana
is
exploding
as
financial
advisors
and
asset
managers
adjust
their
portfolios
to
allocate
to
crypto
inside
the
5%
portion
typically
reserved
for
alternative
asset
classes,
or
those
deemed
high-risk
and
more
speculative. 

On
that,
Anchorage
Digital
CEO
and
co-founder
Nathan
McCauley
told
the

Washington
Post
last
week,
“The
next
wave
of
crypto
adoption
likely
won’t
be
driven
by
crypto-native
individuals,
but
by
mainstream
investors
who
prefer
to
access
digital
assets
through
their
existing
wealth
management
and
financial
adviser
relationships.”
Anchorage
is
the
only
federally
chartered
crypto
bank
in
the
US. 

Solana
will
be
one
of
the
top
picks,
alongside
bitcoin,
for
inclusion
in
investment
portfolios.
For
those
institutions
not
looking
to
hold
the
digital
asset
directly,
there
is
now
a
publicly
traded
Solana
holding
company
called

Sol
Strategies
available
that
invests
directly
in
Solana
and
the
network’s
ecosystem.
For
instance,
last
week
it
bought
four
validators
in
a
stock
and
cash
deal
to

acquire
Cogent
Crypto.

As
regulations
become
clearer,
the
probability
of
Solana
ETFs
being
approved
has
risen
substantially
since

VanEck
Digital
Assets
fired
the
Solana
ETF
starting
gun
with
the
first
SEC
filing
on
June
27
2024.

And
things
have
moved
on
since
the

Financial
Times
reported
on
July
26
that
VanEck
Solana
ETF’s
success
probably
hinged
on
the
outcome
of
the
US
presidential
election: 

Matthew
Sigel,
head
of
digital
assets
research
at
VanEck,
confirmed
on
X
that
his
company’s
filing
was
a
bet
on
a
Trump
victory.
Legislation
for
crypto
in
Washington
could
also
resolve
the
issue.
But
with
a
deadline
of
March,
“a
lot
of
things
need
to
change
and
they
have
to
change
quite
fast”,
said
Tischhauser.

Solana
Ecosystem
Development
Keeps
Getting
Stronger

Here’s
a
roundup
of
news
from
the
Solana
space,
that
shows
the
protocol
improvements
and
adoption
traction
the
ecosystem
is
seeing:

The
Breakpoint
2024
conference
showcased
advancements
in
ZK
compression
technology
for
Solana,
aimed
at
reducing
data
storage
costs
and
enhancing
scalability.
Firedancer
is
a
game
changer
for
future
scalability,
as
Cryptonews.com
reported
in
an
interview
with
Valkyrie
co-founder
and

Sol
Strategies
CEO
Leah
Wald
earlier
this
month.

The

Solana
Radar
Hackathon
attracted
over
10,000
participants,
highlighting
the
ecosystem’s
vibrancy
and
innovative
projects.

The

Midwest
Blockchain
Conference
emphasized
Solana’s
popularity
among
students
and
industry
leaders,
focusing
on
adaptable
project
development.

An
analysis
of
Solana’s
decentralization
revealed
a

strong
validator
distribution
with
4,514
nodes,
indicating
a
resilient
network
structure.

Challenges
of
network
congestion
were
addressed,
with
strategies
proposed
for
optimizing
transaction
processing
through
priority
fees.

Diversification
Is
Key:
Meme
Coins
For
Your
Portfolio

Pepe
Unchained
($PEPU)
is
the
first
meme
coin
to
have
its
own
Ethereum
Layer
2
blockchain.
It’s
raised
just
shy
of
$36
million
in
ICO,
which
finishes
in
24
days,
so
there’s
no
time
to
lose
if
you
wish
to
contribute.
The
project
has
raised
an
incredible
$3.2
million
since
Friday.
$PEPU
could
be
the
next
Pepe.

The
ecosystem
includes
Pepe’s
Pump
Pad,
an
Ethereum-focused
pump.fun,
where
meme
coins
can
be
launched
by
literally
clicking
a
few
buttons.

The
project
is
raising
more
than
$1
million
every
24
hours
–
whales
can’t
get
enough
of
$PEPU,
as
this

$67,319
buy
attests.
The
price
of
the
$PEPU
token
presale
increases
every
12
hours
and
at
the
time
of
writing
is
priced
at
$0.012891.

Anyone
doubting
the
pulling
power
of
the
Pepe
brand
in
crypto
right
now
should
take
a
look
at
an

Elon
Musk
X
post
yesterday.

Crypto
All-Stars
($STARS)

is
a
meme
coin
ecosystem
that
introduces
the
innovative
concept
of
unified
staking
for
meme
coins.
The
MemeVault
Network
allows
meme
coin
fans
to
stake
their
tokens,
but
to
maximize
returns
users
need
to
hold
the
$STARS
token.

Crypto
investors
like
what
they
see
–
the
presale
raise
total
so
far
is
$4.2
million.
$STARS
sells
for
$0.0015806
and
there’s
only
around
72
hours
to
go
before
the
next
price
rise.
A
whale
has
just
bought

$21,714
worth
of
$STARS.

Flockerz
($FLOCK)
is
‘the
people’s
meme
coin’.
It
is
the
first
meme
coin
that
will
be
run
by
its
token
owners
through
its
vote-to-earn
mechanism.
Flockerz
empowers
its
community
–
The
Flock
–
to
guide
the
project
by
voting
on
proposals
and
are
rewarded
for
their
participation.
Flockerz
has
raised
$2.2
million
and
is
priced
at
$0.006053
in
the
current
price
stage,
which
ends
in
two
days.

FreeDum
Fighters
($DUM) is
a
PolitiFi-focused
coin
that
has
raised
more
than
half
a
million
dollars
for
its
revolutionary
vote-to-earn
take
on
the
thrills
and
spills
of
the
political
campaign
trail,
all
with
tongue-in-cheek
memeification.

You
can
buy
the
presales
mentioned
above
in
the


Best
Wallet

app.
The
wallet’s
native
token
$BEST
is
for
sale
exclusively
to
Best
Wallet
users
in
a
private
sale.