Solana Price Target Cut Amid Meme Coin Dependency Concerns
Standard Chartered has slashed its year-end price target for Solana (SOL) to $250 from $310, citing delays in the blockchain's shift away from meme coin dependency.
According to Geoffrey Kendrick, the bank's head of digital assets research, Solana remains a quality project worth buying despite its heavy reliance on meme coin trading. The shift toward more sustainable applications like micropayments is underway but will take time to reach scale.
Solana has seen significant network growth, with active addresses nearly doubling to 4.8 million since the start of 2026. This surge in user participation suggests that activity on the blockchain is driven by network usage rather than speculation alone.
The sharp increase in open interest, which jumped more than $34 million in the past 24 hours, typically precedes rallies in Solana's price. However, with SOL's price currently stuck in a range and facing hurdles near the $90-$92 zone, it remains to be seen whether this trend will hold.