Solana Price Pumps 7% as Solana-Based Token POPCAT Hits New ATH

Solana ( SOL ) has become the top performer among the top 10 crypto tokens, with Popcat (POPCAT) hitting a new all-time high of $0.6100 and market capitalization upwards of $577.58 million. This surge is attributed to the growing popularity of projects launched on the SOL blockchain, which have consistently posted remarkable success. Meme coins on Solana, including Dogwifhat ( WIF ) and Bonk Inu ( BONK ), have also seen significant growth, with WIF dethroning Pepe coin ( PEPE ) before reclaiming its position as the third meme coin on market capitalization metrics.

A new meme coin class is emerging: cat-themed tokens. Popcat ($POPCAT) is the biggest gainer on Thursday with almost 30% in gains, hauling the altcoin to a new all-time high of $0.6100 and market capitalization upwards of $577.58 million. Jito ( JTO ) has become the largest Solana protocol on TVL metrics at $1.43 billion, representing a TVL growth of over 12% in 24 hours.

A rise in TVL generally indicates that more assets are being deposited and locked into the DeFi protocol, indicating growing user participation and confidence in the platform. This may also indicate increased liquidity and trading volume within the protocol, potentially leading to higher returns for users and a stronger ecosystem overall.

Technically, Solana's daily price chart depicts a start of a "Rising Wedge" Pattern but for the pattern to be accentuated, Solana has to break the ceiling of the rising wedge to spark investors' confidence.