Solana’s SOL token climbed to $83 on Friday, its highest mark in over a month. The rally marks a clear decoupling from the broader altcoin market, which is still trending down.
What’s driving it? A few things. Tokenized stock trading on Solana crossed $10 billion in cumulative transfers. The Backpack exchange launching SpaceX share trading gave DeFi activity a real kick. Stablecoin liquidity is flowing in too. And memecoins? They’re back. The Black Bull (ANSEM) airdrop on Pump.fun reignited interest in the sector, hitting a $60 million market cap by Tuesday and pushing past $112 million by Friday.
Pump.fun’s own token, PUMP, gained 27% for the week and climbed back into the top 100. Prediction markets are adding fuel too. World Cup betting markets integrated with Phantom wallet pulled in nearly $890,000 in TVL within two days. Jupiter launched its own prediction market beta on June 29.
But here’s the catch. Leveraged bullish bets have cooled sharply since Wednesday. SOL futures annualized funding rate dropped from 11% to just 3%. Under normal conditions, that indicator sits between 6% and 12%. Traders are cautious. They’re not convinced a memecoin surge alone can push SOL to $90.
Unless blockchain activity sustains beyond the current hype cycle, SOL might struggle to keep widening its performance gap against other altcoins. The momentum is real right now. The question is whether it lasts.
