Solana (SOL) Value Soars Above $150 Amid Pantera Capital Commitment and Increased DApp Activity

SUN

$145.6

+11.25%

RAY

$1.5

+24.50%

JUP

$0.8

+31.20%

According to Cointelegraph: Solana's native token, SOL, saw a 19.5% increase between March 5 and 7, raising its value to a remarkable $150. This sudden rally comes in the wake of asset manager Pantera Capital's promise to acquire $250 million worth of SOL tokens from the bankrupt FTX estate. This has sparked a flurry of speculation about the sustainability of SOL and the possibility of surpassing $200.

Post by user @0xGumshoe on the X social network. Source: X.com

The rise in SOL value can be attributed to a number of factors, including the current frenzy surrounding Solana SPL memecoins, which creates an encouraging environment for investors to speculate on the newly launched tokens within the Solana network. This, in turn, leads to greater liquidity provided by project promoters.

Notably, other SPL tokens with associated applications, such as Jupiter (JUP) and Raydium (RAY), also saw substantial growth during the same period. Additional anticipation surrounding potential airdrops, such as Wormhole, Kamino, Parcl, and MarginFi, sustains continued demand for SOL tokens.

Blockchains ranked by 30-day DApp volumes, USD. Source: DappRadar

It is also worth looking at the broader Solana network activity as the key determinant of SOL's bullish momentum. Solana network smart contract holdings, measured by total value locked (TVL), reached a 16-month peak on March 6. During the same period, the volume of Solana DApps witnessed a massive 311% increase, surpassing competitors like Ethereum.

However, SOL's quest to reclaim the $200 mark is dependent on continued growth in demand for the Solana network within this competitive industry.