Solana jumps 20% over a week, driven by demand for stablecoins and “meme coins”

The crypto solana is one of the biggest cryptos that are doing the best at the moment. And some analysts believe that this movement will continue.

After an already positive trend this weekend, we have regained several strategic milestones: 66,000 dollars for bitcoin, 3,000 dollars for ether or even 51 cents for XRP. And we have another capital performance from solana.

It’s the crypto of the moment and undoubtedly the trade of this cycle according to some. Solana thus progressed by more than 21% over a week this Monday around 5:30 p.m., according to data from Coinmarketcap. And it might not stop there. We have hedge funds that see crypto more towards $200 (compared to $178 currently) even before the end of the month. This is the opinion of Syncracy Capital for example.

Strong demand for stablecoins

We are in the middle of a “bull market”, with +40% since the lows at the beginning of the month. Moreover, solana has posted growth of 65% since the start of the year. Several analysts believe that its potential is far from exhausted. Among the factors that could support this crypto is the fact that there are several types of assets in high demand on the blockchain at the moment. In particular stablecoins (which offer a parity with a real currency of 1:1, most often with the dollar). And the development dynamics are now stronger there than on the Ether blockchain where stablecoins are traditionally exchanged.

The Solana blockchain has also become the favorite playground for traders of “meme coins”, these ultra-speculative currencies which are a bit of the hype of the moment. We can cite “pajama cats”, the “ponke” (an evolution of “pepe the frog”) or even the “donald tremp” (a crypto-parody inspired by the former American president and again candidate for the election, with airdrops, introductory offers with free cryptos repeatedly in recent months). Not to mention technical improvements which will make the Solana blockchain even more efficient in the future, and in particular the Firedancer secondary chain in the coming weeks.