{"id":1980,"date":"2024-11-01T09:32:41","date_gmt":"2024-11-01T09:32:41","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=1980"},"modified":"2024-11-01T09:32:41","modified_gmt":"2024-11-01T09:32:41","slug":"solana-defi-growing-daily-users-approaching-7-million-will-sol-crack-200","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=1980","title":{"rendered":"Solana DeFi Growing, Daily Users Approaching 7 Million: Will SOL Crack $200?"},"content":{"rendered":"
\n

Solana is one of the top networks, commanding a market cap of over $81 billion, according to CoinMarketCap data<\/a>. Even as crypto prices rise and sentiment improves, SOL has struggled for momentum. <\/p>\n

Solana Retraces: Will Prices Break $200?<\/h2>\n

Over the past week of trading, market data shows that SOL is stable, posting a 3% dip over the previous 24 hours. The slide comes as Bitcoin, Ethereum, and Dogecoin march higher.<\/p>\n

\"SOL<\/p>\n

To put the numbers into perspective, Dogecoin<\/a> is up 22% over the last week. Bitcoin has added 8% during that period, inching closer to March highs.<\/p>\n

As SOL prices retreat from this week\u2019s highs of nearly $185, CoinMarketCap experts note that Solana\u2019s ecosystem is growing. At the same time, the number of daily active users continues to tick higher, an indicator of interest.<\/p>\n

The uptrend has been solid over the past week. After prices collapsed in early September before quickly recovering, the uptrend has seen SOL rapidly increase. The coin added approximately 50% in the last two months, breaking above $150.<\/p>\n

\"Solana<\/a><\/p>\n

At spot rates, SOL remains within a bullish breakout formation. Even if the retracement pushes the coin lower, the local support will be at around $150. If buyers find support at this level, it may set the foundation for a fresh leg up, rising to the psychological round at $200.<\/p>\n

Solana Price Drivers: Thriving Ecosystem, Institutional Support<\/h2>\n

Possible growth drivers include the active Solana ecosystem. Last week, daily active users rose<\/a> to nearly 7 million. However, as prices retrace, the number is now around 5.5 million. <\/p>\n

Most users are active meme coin traders on leading decentralized exchanges like Raydium and Jupiter. <\/p>\n

Over the past few months, following the launch of Pump.fun<\/a> in January, SOL has benefited from the tens of thousands of meme coins going live. Every launch requires the locking of SOL for liquidity, driving demand higher and lifting prices.<\/p>\n

While meme coins are key to Solana\u2019s evolution, the network also has a decent DeFi ecosystem. DeFiLlama data shows<\/a> that its protocols manage over $6.2 billion, of which over 50% comprise stablecoins. Out of the $3.80 billion stablecoins in Solana, over 69% are USDC.<\/p>\n

\"Solana<\/p>\n

Top DeFi dapps include Jito, a liquidity staking protocol managing over $2.4 billion. Others include Solayer\u2013a liquidity restaking solution\u2013 and Ondo Finance\u2013a real-world asset (RWA) tokenization platform\u2013 controlling $275 million and $127 million, respectively.<\/p>\n

Beyond the explosive on-chain growth, Solana could benefit from institutional backing. Robinhood, a trading platform, recently began<\/a> offering SOL to EU clients. <\/p>\n

At the same time, VanEck, one of the spot Bitcoin and Ethereum ETF issuers, released<\/a> the first exchange-traded note (ETN) in Europe. The ETN will also offer staking rewards. <\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Solana is one of the top networks, commanding a market cap of over $81 billion, according to CoinMarketCap data. Even as crypto prices rise and sentiment improves, SOL has struggled for momentum. Solana Retraces: Will Prices Break $200? Over the past week of trading, market data shows that SOL is stable, posting a 3% dip […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-1980","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/1980","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1980"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/1980\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1980"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1980"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1980"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}