Solana's market is experiencing a resurgence as the price of SOL rises above $180, fueled by significant activity in the memecoin sector. The network has seen its total value locked (TVL) increase month over month, now reaching $9.5 billion, which is 23% below its all-time high. Recent data shows net outflows of $1.2 million from Solana to Ethereum, despite substantial inflows into its decentralized exchange (DEX) ecosystem, particularly in memecoins such as $MOODENG, $GOAT, and $PNUT. DEX volume peaked at $9.8 billion, with memecoin trades accounting for approximately 30% of total activity. Although much of this trading could be driven by bots, leading to inflated metrics, the current climate is positive, with fee revenue up by 108% in the past month. Broader macroeconomic factors, including a recovering S&P 500 and a dip in the dollar, also contribute to a favorable environment for crypto assets, hinting at a temporary uplift across the market.

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