Top tokens in the Solana ecosystem continued their bullish trend this week as sentiment in the crypto industry improved.
Solana (SOL) price jumped for four straight days, reaching a high of $155, its highest level since March 3. It has jumped by over 60% from the lowest level this year.
This rally, along with the recent surge in Fartcoin (FARTCOIN), has triggered a significant rebound in tokens withinthe Solana ecosystem.Dogwifhat (WIF) rose to $0.6595, up by 103% from its lowest level this year.Â
Jupiter (JUP), the second-biggest decentralized perpetual futures exchange, rose to $0.50, while Zerebrol (ZEREBRO) is up by 240% in the last seven days. Popcat (POPCAT) has risen by 87% in the same period.
Other top meme coins in the Solana ecosystem have surged, pushing their total market cap to $10 billion.Â
These tokens have surged due to the ongoing recovery in the crypto and stock markets. Bitcoin, which sets the tone in the crypto market, crossed the crucial resistance level at $95,000 for the first time in over a month. Additionally, the market capitalization of all coins surpassed $3 trillion.
The stock market is also doing well. After falling to $36,500 earlier this month, the Dow Jones Index has recovered to $40,000, while the tech-heavy Nasdaq 100 index has jumped from $16,550 to $19,200.
These assets have spiked after Donald Trump said that he would not dismiss Federal Reserve Chair Jerome Powell, a move that would have been unprecedented. Trump also showed openness to reaching a trade agreement with China.Â
Solana meme coins have also surged in value due to Fartcoinâs performance. After falling to a low of $0.2015 in March, the coin has surged by 455% to nearly $ 1.20. As such, crypto investors have moved to other similar coins hoping for such big moves.Â
The risk, however, is that the ongoing Jupiter, Dogwifhat, Virtuals, and Popcat rally is a dead cat bounce. A dead cat bounce is a brief rally that happens when an asset is in a downward trend.Â