From October 11 to 18, Solana's native token, SOL, rose by 12.1%. This price increase is linked to growing interest in memecoins, boosting network volumes, fees, and total value locked (TVL).

Impact of Memecoins on Solana

Local traders are debating the sustainability of demand for memecoins and how it benefits SOL prices. Several memecoins on the Solana platform showed significant growth in October. For instance, SPX6900 and Apu Apustaja increased in price by 379% and 170%, respectively.

Analysis of Solana's Network Activity

A crucial metric for analysis is the total value locked (TVL). Solana's TVL reached a two-year high, up 13% month-over-month. While Ethereum's and BNB Chain's TVL remained unchanged, Solana's DEX volumes grew by 43% over the week.

Solana's Future and Prospects

Analysis suggests that Solana could reach $180, given its competitive edge in the network. Solana is well-positioned to capture growth in new markets, including AI infrastructure, Web3 applications, and gaming platforms.

While it is difficult to predict the duration of the memecoin boom, the data indicates sustainable growth for Solana, thanks to high volumes and network activity.