- Memecoins are driving trading volume on Solana.
- A rally in SOL’s price raises questions of when the cryptocurrency will reach a new all-time high.
- Here’s what people on Polymarket are saying.
Online bettors are bullish on Solana in 2024 and are placing wagers when the token will hit a new all-time high.
On Monday, SOL, which has climbed 90% so far in 2024, surpassed the BNB coin to become the fourth-largest cryptocurrency by value, with a market cap of about $88 billion, according to CoinGecko.
Helping drive Solana’s surge in activity is a slew of joke-inspired memecoins that have seen extraordinary gains in recent months. Traders use SOL to purchase and trade memecoins, which generates fee revenue for the Solana network.
Memecoin traders like to use Solana because of its speed and low transaction fees.
Bettors on Polymarket, an online forum that lets users use cryptocurrencies to bet on the likelihood of future events, now wager Solana will reach new all-time highs this cycle.
A wager launched on the online betting site in December shows bettors think the second quarter of 2024 is the most likely time the Solana cryptocurrency will surpass its former all-time high.
Polymarket has determined the former high to be $259.90, which means Solana needs to rally 32% from today’s price to trigger a win for bettors.
Of the $27,000 wagered in the bet, sceptical bettors have put around $3,500 into “No ATH (all-time high) in 2024.”
A separate Polymarket bet says Solana has a 61% chance it will reach all-time highs before Ethereum’s native cryptocurrency, Ether, does.
And its growth won’t stop there, according to market watchers.
One analyst told DL News that Solana could quadruple its former record and reach as high as $1,000 per coin.
Solana has seen users flock back into the network as the price of its token rises, but data suggests there’s still room to grow.
DefiLlama data shows the Solana network’s current value at $4.2 billion is still shy of its November 2021 high of $10 billion.
Tyler Pearson is a junior markets correspondent at DL News. He is based out of Alberta, Canada. Got a tip? Reach out to him at ty@dlnews.com.
