SOL rallies as Solana memecoins, prediction market activity surge: Are bulls back?
Key takeaways:Solanas tokenized assets and memecoin revival drove SOL to a 30-day high at $83.Bullish leveraged appetite cooled sharply, suggesting traders are hesitant to bet on further gains to $90. Solanas SOL token jumped to its highest mark in over 30 days on Friday at $83, marking a decoupling from the altcoin market. SOLs rally gained steam from a surge in tokenized trading volume on Solana, inflows of stablecoin liquidity, and an unexpected comeback in memecoin activity. Can SOL reclaim the $90 level? Total altcoin market capitalization, USD (left) vs. SOL/USD (right). Source: TradingView SOL‘s bullish momentum ignited on June 23, coinciding with cumulative tokenized stock transfers on Solana surpassing $10 billion. The launch of SpaceX shares trading by Backpack propelled Solana’s decentralized finance (DeFi) utilization. In contrast, the broader altcoin market extended its downtrend, hitting the lowest level since December 2023.30-day tokenized assets net flows ex-stablecoins, USD. Source: RWA.xyz Tokenized assets on the Solana network surged to a record-high $3.5 billion on Wednesday, up from $2.7 billion one month prior. The recent boost came from corporate credit tokens and stock market indexes, such as the S&P 500 and the Nasdaq-100. According to RWA.xyz data, Solana leads with 294,274 active addresses in the tokenized