Top Cryptocurrencies to Watch: Solana, SEI, and Jupiter Amid Meme Coin Craze

The release of TRUMP and MELANIA tokens on January 20, marking Donald Trump’s inauguration, has captured widespread attention among cryptocurrency traders and enthusiasts.

These meme coins saw huge volume, billions in hours of their launch. But the meteoric rise was followed by a crash, now investors and analysts are trying to figure out what will happen next.

According to Chainalysis, both tokens have seen huge losses since their peaks. TRUMP is down over 50% and MELANIA is down over 80%. Despite initial retail interest, profits are concentrated among a few holders.

Reports show that 40 wallets hold 94% of the total supply of both tokens, and most investors have less than $1,000. This uneven distribution and price volatility have raised questions about the purpose of these tokens.

Solana: SOL is Still Going Up, $300.0 in Sight

While meme coin madness is happening, Solana (SOL) is the top altcoin with real performance and growth. The blockchain has seen adoption due to its DeFi applications and technology evolution.

Solana monthly price chart. Source: Brave New Coin

Recent data shows Solana’s TVL has increased by $3.5 billion in a matter of days to $10 billion. Partnerships like the one with Jupiter have solidified Solana’s position. DEX aggregation and advanced trading tools have seen a 300% increase in transaction volume.

Stablecoins remain pivotal, with Solana’s stablecoin market cap now at $9 billion, supporting the network’s overall growth.

Market analysis reflects Solana’s bullish sentiment, with the token’s value increasing by 5.66% in the past 24 hours. The trading volume surged to $9.692 billion, marking an 8.04% rise in activity.

Over the last seven days, Solana recorded a 22.91% gain, with a year-to-date increase of 38.75%. Technical indicators point to strong buying pressure, with the Simple Moving Average (SMA) on the daily chart providing continued support.

SOL/USD daily chart. Source: Trading View

The Relative Strength Index (RSI) suggests potential for sustained growth, with projections indicating a retest of resistance at $270. Should bullish momentum persist, Solana could aim for the $300 mark, though bearish pressures might lead to retracement levels of $237.50 or lower.

Source: X

World of Charts (@WorldOfCharts1) on Twitter is also bullish on Solana, saying it can go to $300 after a breakout from a bullish pennant..

SEI Network: Fastest Blockchain with Community can go to $0.36 in Q1

SEI Network, another blockchain player, has been in the spotlight despite the price drop. The token is down 25% in the last month and is currently at $0.33.

SEI network’s price action for 30 days. Source: Brave New Coin

SEI is well-known for its high-speed capabilities that enable 380 milliseconds of time to finalize and process greater than 12,500 transactions per second.

Its applications range from the applications such as Dragonswap, Filament and Silo, which make it interesting to developers and traders within its ecosystem. Stakeholders are hopeful about the blockchain’s GIGA project, which is about scaling Ethereum Virtual Machine (EVM) compatibility.

This puts it among the fastest in the industry, with the claim it can finalize blocks in under 390 milliseconds and process up to 22,000 transactions per second. SEI also boasts some of the lowest transaction fees among Layer 1 solutions. Defi_Edward, an influencer, shared the price movement of the token on his Twitter account and projected the token at $0.36 based on technical patterns.

Jupiter: Airdrop Fuels Interest, Bullish Momentum to $0.95

Jupiter is a decentralized exchange aggregator on the Solana blockchain. It’s a crucial part of the ecosystem. It optimizes token swaps and aggregates liquidity across multiple DEXs, making it more efficient and connected in the Solana DeFi space.

Jupiter Coin 7-day price chart. Source: Brave New Coin

At around 08:00 UTC on January 22, 2025, the Jupiter Coin (JUP) announcement caused a stir in the cryptocurrency market given its upcoming airdrop.

The decentralized exchange has airdropped over two million wallets 700 million JUP tokens, worth $500 million, making it the largest user airdrop in history. JUP successfully saw this event in terms of boosting trading activities as the 24-hour trading volume sits well over $350 million.

However, an initial wave of profit-taking failed to dampen the token’s momentum, as increased liquidity and mass user participation pushed it back into the green. However, liquidations have since stabilized as volatility decreased and the market stabilized, Coinalyze states.

The total value locked (TVL) within the Solana blockchain also ballooned substantially, growing from $2.36 billion to $2.87 billion in just ten days, DeFillama reports. Meanwhile, according to Coinglass, open interest surged 22% to over $227 million.

Jupiter Coin Open Interests. Source: Coinglass

Market confidence in Jupiter\u2019s ecosystem shows through this growth, despite earlier swings due to speculative trading in the airdrop. This “Jupuary” event not only reinvigorated investor interest but also demonstrated the strength of the platform’s latent potential for long-term growth with increased liquidity and stronger participation metrics.

From its price movements, the current bullish trajectory is evidently visible in that JUP has registered over 10% with a price above $0.85. The asset is set to see further gains, according to the technical indicators, with resistance levels at $0.81 and $0.95 now into range.

Analysts anticipate a 10% increase in JUP’s price, targeting $0.95 in the short term. Twitter activity has increased, with optimism growing among JUP holders. According to @0xFinish, the project’s value proposition and potential for continued growth. The airdrop has amplified Jupiter’s visibility, aligning with broader market trends favoring innovative DeFi solutions.

Final Thoughts

In the midst of meme coin’s boat-rocking performance, the entire crypto market is keeping its head high. Bitcoin (BTC) and Ethereum (ETH) have climbed steadily, adding to a total market capitalization of $3.76 trillion. It also has to do with regulatory developments such as the appointment of Mark Uyeda to fill in as acting chair of the Securities and Exchange Commission (SEC). But Uyeda is seen as a pro-crypto regulator and is helping the industry see the glass half full.

This is indicative of the disparate dynamics in the cryptocurrency space when considering the contrast band of TRUMP and MELANIA tokens and Solana, SEI Network, and Jupiter. Meme coin projects attract speculative bets, but projects with great technology foundations and ecosystem development will dominate long-term adoption and market stability.