The Solana network has recorded significant growth in daily active users, fueled largely by the popularity of memecoins. This context also raises expectations regarding the SOL token price.
Factors Driving Solana Network Growth
According to a recent report by VanEck, the meteoric rise of memecoins on the Solana network is the primary driver of on-chain revenue. Memecoins accounted for 44% and 35% of all trading on decentralized exchanges in January and April 2025, respectively. "If we exclude stablecoins, SOL, and SOL liquid staking tokens, often on the other side of trades, memecoins represent 99% of Solana trading activity in January and 95% in April. While some question the sustainability of this trend, Solana has proven its unmatched ability to process large volumes of decentralized trading," the report noted. Additionally, market data analysis from Nansen shows that the top five Solana DeFi products, including Raydium and Jupiter, recorded over 239 million users in the past 30 days.
Midterm Expectations for SOL Price
After recording significant growth in April, the SOL price has entered a correction phase in the past two weeks. Currently, the large-cap altcoin, with a fully diluted valuation of about $85 billion, is trading around $142 during the mid-North American session. From a technical analysis standpoint, the SOL price is well-positioned to rally towards $174 if buyers hold above $140 in the coming days. Should there be a breach of the support level around $142, the SOL price could drop towards the next liquidity level around $125.
Conclusion
The growth of Solana driven by memecoins highlights the active development of the network and the increasing interest of users in decentralized finance, despite current price corrections.
The growth of the Solana network and the price dynamics of the SOL token indicate that interest in decentralized financial products continues to rise, opening new opportunities for market participants.
