Since the beginning of this year till writing, the Solana chain has marked many major milestones, including a surge in the on-chain user base, overall trading volume, and prices of the tokens/coins leveraging the chain.
As per available data on CoinMarketCap, PENGU, the native token of Pudgy Penguins grew 15.71 percent in the past 24 hours, reaching $0.03533. It is worth noting that the trading volume saw a staggering spike of 181 percent, reaching $1.56 billion.
Pudgy Penguins have gathered a huge spotlight since the opening of 2024. When writing it, prices were 607 percent in the 30-day frame, and its highest recorded trading price was $0.05738 on December 24, 2024. However, it was lowest traded at $0.02302 after two days of registering at an all-time high.
Following the nourishment in the Pengu trading price analysts argue that the token has much more potential and is expected to reach a fresh milestone in the coming year.
Market experts believe that the spike in the prices of Pudgy came following the sudden growth in Solana’s trading volume in the past 24 hours.
The majority of times it has been observed that the volume on Solana has been majorly fueled by the memecoins on the chain.
In the year 2024, the Solana chain has acquired major milestones and has gathered huge attention. The userbase, volume, and number of projects on Solana in the YTD has just doubled.
Solana will surpass the Ethereum chain in the near future!
Nowadays there are several blockchains in the decentralized market but Ethereum and Solana stand out due to their unique features. Ethereum is the one that has seen the market in both good and bad phases, yet Solana is comparatively new but has gathered huge traction from investors, individuals, and institutions.
At the time of writing the native token of the Solana chain was trading at $198.95 with an intraday surge of 4.09 percent. At the same time, its market capitalization reached $95.2 billion growing 4.09 percent.
It is worth noting that since the start of this year, SOL has performed quite well in terms of trading prices, volume, and capitalization in the 52-week time frame price grew over 79 percent and it recorded its all-time high on November 23, 2024 $263. 83.
$221 has been identified by analysts as a crucial resistance level that has to be overcome in order to provide upward momentum.
SOL might reach levels around $245, a crucial checkpoint on its path to $500 if it maintains a strong advance above this level.
On the other hand, if $221 is not held, there may be a decline below $201, and Solana has just dropped below $190. In a possible bull run, the $500 aim is a difficult but attainable objective, assuming Solana takes advantage of the strength of its ecosystem and macroeconomic trends.
SOL’s capacity to sustain its upward trajectory as the bull run picks up steam might guarantee its place among the top-performing large-cap cryptocurrencies in 2025 under Trump.
