SOL rallies as Solana memecoins, prediction market activity surge: Are bulls back?
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- SOL reached a 30-day high of $83 on Friday, decoupling from the broader altcoin market, which fell to its lowest level since December 2023.
- Solana's tokenized assets hit a record $3.5 billion on Wednesday (up from $2.7 billion a month prior), including corporate credit tokens and S&P 500 and Nasdaq-100 indexes; Solana leads the space with 294,274 active addresses versus Ethereum's 204,955.
- Backpack's launch of SpaceX shares trading on June 23 pushed cumulative tokenized stock transfers on Solana past $10 billion, fueling the DeFi utilization surge.
- The ANSEM memecoin (The Black Bull), launched via Pump.fun, reached a $112 million all-time-high market cap on Friday, while the PUMP token gained 27% weekly to re-enter the top-100 crypto rankings at $630 million.
- World prediction markets, integrated on Phantom wallet, gathered $890,000 in TVL within two days; Jupiter also unveiled its prediction markets under beta on June 29, aiming to compete with Polymarket during World Cup betting.
- SOL perpetual futures annualized funding rate dropped to 3% on Friday from an 11% peak two days prior, well below the 6%–12% neutral range, signaling traders are reluctant to bet on a move to $90.
Why it matters: The funding rate cratering from 11% to 3% in two days reveals that leveraged traders view SOL's rally as fragile — speculative memecoin demand and tokenized stock trading (now past $10 billion in cumulative transfers) aren't yet seen as durable catalysts. Without sustained blockchain activity, SOL faces resistance at $90 and risks reverting toward the altcoin pack it just decoupled from.
