SOL rallies on memecoin mania, but can it hold $90?
Solana’s native token, $SOL, climbed to a 30-day high of $83 on Friday while much of the altcoin market kept selling off. That alone makes the move worth separating from the usual altcoin noise. The spark was familiar: Solana memecoins got hot again, and tokenized assets saw heavier activity. But is $SOL actually turning? Maybe. Or maybe this is another Solana sprint that looks brilliant right until liquidity leaves.
$SOL started gaining pace on June 23, the same day cumulative tokenized stock transfers on Solana passed $10 billion. Backpack’s rollout of SpaceX share trading helped push that figure higher and gave Solana DeFi a noticeable bump. Meanwhile, the wider altcoin market fell to its lowest level since December 2023. That split matters. $SOL was not just drifting with everything else. It had its own bid. My take: that is the first useful signal in this rally, not the Friday candle.
Tokenized assets on Solana hit a record $3.5 billion on Wednesday, up from $2.7 billion a month earlier. Corporate credit tokens helped. Stock index products tied to names like the S&P 500 and Nasdaq-100 did too. RWA.xyz data puts Solana at 294,274 active tokenized asset addresses, ahead of Ethereum’s 204,955. Most quick takes will call this a memecoin rally. That is only half right. Solana is still very much a hype chain when the market gets loud, but these numbers say part of the move came from actual network activity.
Then the memecoins showed up. Of course they did. The Black Bull ($ANSEM) airdrop on Sunday pulled attention back to Solana’s loudest corner. $ANSEM launched on Pump.fun, reached a $60 million market cap by Tuesday, and climbed to an all-time high of $112 million on Friday. The structure was messy. An anonymous developer sent 65% of the supply to crypto influencer Ansem’s public wallet, with distribution still murky. I do not love that setup. Still, 74,000 addresses interacted with it in the first three days. Why does that matter? Because on Solana, strange viral trades can become real volume before cautious traders have finished judging them.
Other Solana memecoins rallied after the $ANSEM airdrop, though Pump.fun’s token, $PUMP, got the cleanest headline move. A 27% weekly gain pushed $PUMP back into the top 100 crypto rankings with a $630 million market cap. One noisy launch can drag liquidity into the wider Solana trade for a while. Counter to the usual advice, ignoring that because it looks unserious is a mistake. There was activity outside memes too: World prediction markets launched inside Phantom wallet and drew nearly $890,000 in total value locked in two days. Jupiter also began beta testing its own prediction markets on June 29. That gives Solana a sturdier story, even if the meme trade is still hogging the room.
Here is where I get less excited: traders are not rushing into leveraged longs the way you might expect. $SOL’s perpetual futures annualized funding rate fell to 3% on Friday from an 11% peak two days earlier, when $SOL first broke above $75. In quieter markets, funding often sits around 6% to 12% to cover capital costs. A drop to 3% says traders are not eager to pay for more upside. Is that fatal? No. But it makes the $90 target less clean. If price rises while funding cools, the market is basically saying, “Nice move. Show me more.”
What this means
This $SOL rally has two very different engines. One is actual usage, especially tokenized assets and early prediction market activity. The other is memecoin heat. Yes, this contradicts the tidy version of the story where fundamentals and speculation sit in separate boxes. They do not. On Solana, they often feed each other. That can work for a while, and Solana has shown before that attention can turn into volume quickly. It also makes the price fragile. If the memecoin bid cools and leveraged traders stay cautious, $SOL could slip even while the network data still looks respectable.
For $SOL to reclaim $90 and stay there, Solana needs demand that outlasts the meme cycle. Tokenized assets need to keep growing, especially corporate credit tokens and stock index products. World prediction markets and Jupiter’s prediction market rollout need returning users after the launch buzz fades. Watch the funding rate. A move back into the 6% to 12% range would show leveraged traders getting interested again. Without that, $SOL’s lead over weaker altcoins could narrow quickly, and $90 becomes harder to defend. I’ll be honest: the rally looks real, but not yet durable.
FAQ
What is driving the recent SOL rally?
SOL is rising because Solana memecoins are active again, led by the $ANSEM airdrop, while tokenized asset activity has picked up. Backpack’s launch of SpaceX share trading also brought fresh attention to Solana DeFi.
How do tokenized assets contribute to Solana’s growth?
Tokenized assets put more financial activity on Solana. In this case, corporate credit tokens and stock index products have lifted usage, and RWA.xyz data shows Solana ahead of Ethereum in active tokenized asset addresses, with 294,274 versus 204,955.
Why does the $SOL perpetual futures funding rate matter?
The funding rate shows how much traders are willing to pay to hold leveraged bullish positions. $SOL’s rate fell to 3% from an 11% peak, while a more neutral range is usually 6% to 12%. Translation: traders are less sure the rally has another leg.
Can Solana sustain its current rally to $90?
Solana can reach $90, but holding it will take more than a short memecoin burst. The better case depends on continued growth in tokenized assets, plus real user activity on newer products like prediction markets.
What are “memecoins” in the context of Solana?
Solana memecoins are crypto tokens built around internet jokes, personalities, or viral trends. They can move sharply when traders pile in, as $ANSEM and Pump.fun’s $PUMP token showed.