#cryptonews
The Solana price (SOL) has broken through the bullish $241 target, with volume on the ecosystem’s decentralized exchanges (DEXs) booming in a seemingly unstoppable meme coin frenzy.
Layer 1 blockchain Solana’s price can reach $500 by year’s end as its speed and efficiency advantages over competitors like Ethereum continue to impact market positioning.
It would be a steep climb to hit $500 by the end of the year, but even a shallower ascent would easily capture $350-$400 price range targets. DEX daily volume on Raydium is more than double that of Ethereum-based Uniswap ($3.93 billion vs $1.45 billion), according to the latest DefiLlama data. Solana DApps are also seeing record fees and revenue.
If Solana can hold the break above the crucial $241 level, then the next target for bulls is $291, which is well into price discovery territory – the SOL all-time high is $259.
Through its clever implementation of bonding curves that abstract away complexity through its user-friendly design, pump.fun enables anyone to quickly spin up a meme coin at the click of a button at minimal cost.
Behind the surge is the explosive growth of meme coins on the Solana chain, which has become the de facto home of meme coins, helped by the pump.fun launchpad breakout success.
Leading the charge on pump.fun is Peanut the Squirrel ($PNUT), commanding a market value of $1.6 billion a little more than two weeks since its launch. Since its listing on Raydium on November 3 at $0.075 the $PNUT price has surged 2,046% to $1.61. If you had bought it at its lowest point on the open market ($0.0318) you would have bagged a return of 5,099%.
The pump.fun ecosystem is today valued at $8.2 billion with an equally impressive 24-hour trading volume of $4.3 billion.