$RAY, $ORCA, and $STEP Soar as Bitcoin Flirts with All-Time High
With $BTC pressuring its previous all-time highs, which Solana ecosystem tokens are catching bids?
Crypto traders are glued to the charts, eagerly hoping that $BTC breaks out of its 7-month range and rips to new all-time highs.
But while all eyes are on the world’s first cryptocurrency, Solana ecosystem tokens are quietly outperforming large coins in anticipation of a major breakout.
Which Solana tokens are creating bullish momentum as Bitcoin battles with the bears?
$RAY, $ORCA, and $STEP Show Strength
Solana’s OG DeFi projects have made a statement amidst bullish market conditions. With Solana grinding against a key resistance level around the $185 mark, traders appear to be taking positions in DeFi tokens like $RAY, $ORCA, and $STEP.
Raydium, Solana’s leading DEX in terms of trading volume, has been one of Solana’s most consistent performers all year. Recent price action has only reinforced traders’ conviction in the asset, which gained over 31% to peak at $3.51. $RAY has since pulled back, exchange hands at $3.08 based on Step Finance data.
$RAY holders argue that the asset still has plenty of upside potential, given its titanic role in onchain markets. In the thralls of fierce competition with Uniswap, a multi-chain EVM DEX Raydium often leads all decentalized exchanges in spot trading volume.
Traders believe that $RAY is severely undervalued in comparison to $UNI, Uniswaps native token. Despite facilitating similar onchain trading volume, $UNI’s market cap is over 6x higher than $RAY, suggesting an imbalance of market recognition.
Meanwhile, rival AMM and Solana ecosystem OG Orca has also witnessed growing demand from buyers. Over the last 7D, $ORCA surged from $2.34 to as high as $3.20, completing a 35% move before retracing to its current market price of $2.66. Despite the pullback, $ORCA price has increased by 14% on a weekly time frame.
Finally, Step Finance, the front page of Solana, has broken resistance at $0.05. Since August 2024, $STEP has been ranging between $0.04-$0.05, establishing a strong support level while Bitcoin eyes new all-time highs. $STEP has since risen 10.54% in 24 hours.
$STEP’s bullish price action is supported by the project’s recent token burns. Throughout October, Step Finance burned 192M $STEP, valued at over $10M USD, to trim down the asset’s FDV and promote token scarcity.
Disclaimer: SolanaFloor is owned and operated by Step Finance.
Buybacks Prove Their Worth
In a bid to direct sustained value accrual to their native assets, certain OG Solana protocols have developed sophisticated buyback mechanisms. Teams like Raydium and Step Finance allocate protocol fees and revenue to buying $RAY and $STEP off the open market.
Buybacks are believed to drive consistent growth and support token value, regardless of market dynamics. For now, this experiment appears to be showing its worth, with tokens like $RAY and $STEP enjoying sustainable growth in recent months.
$POPCAT Dominates While Rivals Trade Sideways
While established project tokens have shown considerable strength, Solana’s meme economy is floundering. Large-cap Solana memecoins like $BONK, $MEW, and $WIF have remained relatively stable on a 7D time frame, with prices fluctuating within tight ranges.
An exception to the trend, $POPCAT asserts its claim to feline dominance. Crypto’s biggest cat coin has risen 20.7% in a weekly time frame, commanding a market capitalization of over $1.6B.
Despite memecoins commanding the lion’s share of attention in this crypto cycle, prominent influencers have theorized that we may be on the brink of a sector rotation.
Some crypto personalities suggest that newcomers are more likely to allocate funds to utility-based projects, rather than internet memes.
That being said, all eyes are currently fixed on Bitcoin. $BTC’s price action is expected to be volatile over the next week, with the result of the U.S. Presidential Election slated to have a dramatic impact on market dynamics.
Disclaimer: SolanaFloor is owned and operated by Step Finance
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