Solana’s native token SOL gained 10% this week, reaching a three-week high. The rally followed eased geopolitical tensions and a surge in activity for Solana-based memecoins. Despite underperforming the broader crypto market this year, Solana maintains a dominant position in decentralized exchange volume and network activity, with analysts watching if momentum could push its price toward $100.
Solana’s native token SOL gained 10% within five days, reaching a three-week high on Friday. This movement followed a generalized market excitement after the US and Iran announced a ceasefire extension.
Demand for SOL futures surged as aggregate open interest jumped 20% to $4.2 billion. However, data from Laevitas shows the perpetual futures annualized funding rate remained at a neutral 3%, signaling low confidence from bulls.
Despite recent gains, SOL has underperformed the broader cryptocurrency market by 13% in 2026. A reduced appetite for decentralized applications has contributed to this, according to network revenue data.
The Solana network remains a strong contender due to its vice-leadership position in Total Value Locked. It also holds dominance in decentralized exchange volumes across the industry.
Multiple memecoins on the Solana network jumped 40% or higher between Wednesday and Friday. This activity likely contributed to the heightened demand for SOL futures contracts.
During a previous memecoin rally in early 2025, Solana emerged as a leader in terms of users and activity. Consequently, increased demand for memecoins is typically viewed as a positive indicator for SOL price.
The robustness of its validators and integrated user experience make a compelling case for sustained network activity. Ultimately, weak demand for bullish leverage on futures places little constraint on SOL regaining momentum.
