SOL Price Aims for $238, but Its Founder Is Causing a Stir

• Anatoly Yakovenko criticized memecoins and NFTs as “digital slop,” comparing them to loot boxes in mobile games.
• Memecoins made up 62% of Solana’s DApp revenue in June 2025, generating $1.6 billion in the first half of the year.
• Solana’s ascending channel pattern and RSI near 67 suggest a potential 27% price rise to $238.40.

Solana co-founder Anatoly Yakovenko has sparked controversy by describing the memecoins and non-fungible tokens (NFTs) fueling his network’s growth as “digital slop.” In a debate on X, he stated,

 “I’ve said this for years. Memecoins and NFTs are digital slop and have no intrinsic value.”

He compared them to loot boxes in mobile games, which offer random rewards and often lead to repeated spending. His remarks came during a discussion with Jesse Pollak, creator of Base, about whether these digital assets hold fundamental value.

Pollak countered, saying, 

“The content itself is valuable, just like a painting is fundamentally valuable, regardless of whether you charge people at the museum to see it.”

Yakovenko Compares Memecoins to Loot Boxes

Yakovenko noted that memecoins have contributed to Solana’s growth but likened their impact to loot boxes driving Apple’s gaming revenues. He added, 

“Apple’s revenues would also be negligible if it weren’t for loot boxes.”

Loot boxes have faced regulatory scrutiny in Australia and Germany due to concerns over spending incentives and transparency. Yakovenko’s comparison underlined his view of the speculative nature of memecoins and NFTs.

His stance dates back to January 2024, based on earlier posts on X.

Data shows memecoins are Solana’s biggest business

Yakovenko’s comments stand in sharp contrast to the network’s own performance data. According to the infrastructure provider Syndica, memecoin DApps accounted for 62% of Solana’s decentralized app revenue in June 2025, marking a new all-time high.

In the first half of 2025, memecoin activity generated $1.6 billion for the Solana network. This growth was driven by platforms like Pump.fun and its associated aggregator PumpSwap, which simplified memecoin creation and trading.

Competing launchpad LetBonk has occasionally surpassed Pump.fun in daily revenue, highlighting the central role of memecoins in sustaining Solana’s DApp ecosystem.

SOL price chart signals a 27% rally

While the debate continues, the price of Solana (SOL) itself is forming a bullish technical pattern. On its daily chart, SOL has formed a classic ascending channel, which reflects a steady uptrend. If the pattern holds, it could signal a potential 27% price rise from its current level.

Solana traded at $186.73, with intraday levels ranging between $195.37 and $186.12. The price remains above the 50-day exponential moving average (EMA) at $166.74, reinforcing bullish momentum.

The Relative Strength Index (RSI) stands at 67.23, approaching the overbought threshold of 70, while the 14-day RSI average is at 60.12. Elevated RSI levels suggest strong buying pressure but signal proximity to overbought conditions.

Related: Solana Price Prediction 2025, 2026 and 2030: New Roadmap Set To Send SOL Soaring?

If the ascending channel holds, Solana could rise by 27% from its current price of $186.73 to a target near $238.40. The upward projection aligns with the pattern’s resistance trendline, supported by sustained trading activity and price positioning above the EMA.

This combination of an ascending channel and high RSI levels indicates continued bullish momentum while highlighting potential caution if overbought signals strengthen.