Solana showed strong momentum from Nov. 14 to 20, rallying to a three-year high of $247 as it charged toward its previous all-time high.
Solana Numbers the Last 7 Days
Solana showed strong momentum from Nov. 14 to 20, rallying to a three-year high of $247 as it charged toward its previous all-time high. The substantial climb took Solana's weekly gains to 15%, marking significant investor interest in SOL.
- Price: $235.67, up +14.77%
- Market cap: $111.4 billion
- DeFi TVL: $8.297 billion
- Daily active addresses: >7.9 million
- 24H trading volume: $6.94 billion
Solana is hot AF right now. It’s hard to find a metric that is not bullish for the Toly chain, and we’re not talking meme coins right now. Solana’s TVL continues to swell and is now well above $8 billion. Solana’s army of decentralized exchanges (DEXs) alone attracted more than $4 billion in weekly trading volume.
This week, five out of the top 10 fee earners were from Solana, with Raydium and Jito even outperforming Ethereum, according to DeFiLlama:
Phantom Hits No. 1 Spot on iOS store
And retail is catching on as well, with 2022’s residual FTX memories now flushed away.
This week, the Apple App Store reported that Phantom, the leading Solana wallet, has hit the No. 1 spot on its list of top U.S. utilities apps, relegating Google and Microsoft’s browsers.
We can also see a big spike in online searches for Solana in the last 90 days, according to Google Trends:
How Did Solana Stack Up Against Its Competitors?
Solana's impressive 15% weekly surge outshined most top cryptocurrencies, though it trailed behind XRP and Cardano's massive rallies. It continues to cement its position among market leaders with $111.4 billion in market cap.
Solana Ecosystem the Last Week
Solana's ecosystem tokens had a remarkable week, with meme sensations Bonk (BONK) and Peanut the Squirrel (PNUT) leading an impressive rally. PNUT enjoyed a 76% surge, and BONK was not too far off with a 70% jump.
The rally sent its combined market cap soaring to new heights, with a particularly explosive surge between Nov. 15 and 17. Despite a minor pullback, the upward momentum maintained most of its impressive gains.
It was however an ugly week for low-cap and C-tier meme coins within the Solana ecosystem as the pivotal Nvidia earnings drew closer this week (result just in: 2x better than expectations), with some tokens like Michi and Mumu the Bull suffering double-digit losses—as much as 50%.
Top Gainers:
- Peanut the Squirrel (PNUT): +76.59%
- Bonk (BONK): +70.53%
- Raydium (RAY): +28.86%
- The Graph (GRT): +25.96%
Top Losers:
- Hasbulla’s Cat (BARSIK): -53.15%
Solana DeFi
Solana's TVL has been steadily climbing over the past few weeks, reaching $8.3 billion. As Solana's DeFI ecosystem stages a remarkable comeback driven by easy-to-use DApps and ultra-fast and cheap transactions, its TVL is closing in on its November 2021 high of $10.02 billion.
While Ethereum still dominates with over half of all DeFi value locked, Solana leads the challengers with a 7.58% market share.
Tron follows in third place at 6.95%, while BSC and Bitcoin's expanding DeFi ecosystem trail further behind.
Solana Meme Coins
- Bonk (BONK) and Peanut the Squirrel (PNUT) dominated weekly gains, maintaining their strong momentum.
- Gigachad (GIGA) continued its downward trend, dropping 25.30% over the week, underperforming most meme coins in the top rankings.
- Most meme tokens saw positive seven-day returns, with Ponke (PONKE) and Moo Deng (MOODENG) posting at least 50% gains.
Solana DePIN
- Render (RNDR) outperformed the DePIN sector with a strong 21.9% weekly gain.
- Most Solana DePin projects saw red, with Grass (GRASS), Nosana (NOS), and Hivemapper (HONEY) posting significant weekly losses.
- The wireless sector was relatively stable, with Helium (HNT) showing marginal gains (+0.4%) over the week.
NFTs
Solana continues to crush competitors in the NFT space, commanding nearly half of all users this week—more than Ethereum and Base combined.
Daily numbers tell the same story. Solana leads by a wide margin, while Base surprisingly edges out Ethereum for second place.
Top 5 Solana News Stories
Sky Launches USDS on Solana
Sky, formerly Maker, has launched its DeFi-native stablecoin USDS on Solana, tapping into Solana's booming DeFi ecosystem. The move enables new lending, borrowing, and trading opportunities across Solana's top DeFi platforms.
Solana DApps Dominate as Memecoin Craze Returns
On Nov. 18, five Solana protocols ranked in the top 10 for crypto fee earnings. The surge comes as the meme coin trading frenzy reignites on Solana.
Solana DEXs Hit All-Time High With $41B Weekly Volume
Solana DEXs surpassed all major chains, including Ethereum, with a record-breaking $41.6 billion weekly trading volume in the seven days leading to Nov. 17. The surge confirms Solana has become a dominant force in meme coin trading.
SOL Breaks $240, Hits Three-Year High
SOL surged past $247 during the week, reaching levels not seen since 2021.
Sol Strategies Spends $18 Million on 4 Validators, Including Solana
Sol Strategies acquired validators for Solana, Sui, Monad and Arch networks in an $18 million deal. The deal prioritizes Solana, showing growing institutional interest in SOL's infrastructure. Sol Strategies will take over validators from Cogent Crypto.
What You Can Do Now
- Solana’s TVL surpassed $8 billion. Don’t sleep on Solana’s growing DeFi ecosystem.
- Keep your wits about you when trading Solana-based meme coins. They’re a lot of fun, with retail coming in, but be mindful that the entire sector can crash if major cryptos drop.
- Follow the money as another Solana-based stablecoin, USDS, enters the market.
- Keep an eye on SOL’s price action. Will Solana set a new all-time high in 2024 or 2025?
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