The Solana blockchain’s native token SOL has surged past the $100 mark, reaching a price level not seen since the collapse of Terra over a year and a half ago. As of now, SOL is valued at around $102 per coin, marking a significant increase in value of more than tenfold throughout 2023. In December alone, SOL has witnessed a remarkable surge of over 70%, according to Indices.
This recent price action comes after weeks of frenzied trading, which has propelled the Solana blockchain to the forefront of on-chain activity, at least temporarily. Decentralized exchanges built on Solana are now approaching the multibillion-dollar trading volumes of Uniswap for the first time, as reported by DefiLlama.
The surge in activity on the Solana blockchain can largely be attributed to rampant speculation. Currently, some of the most popular crypto assets being traded on Solana are dog-themed meme coins. Additionally, airdrops have also played a significant role in attracting traders to explore Solana-based lenders, bridges, and other infrastructure.
Solana is a smart contracts platform that offers fast and cost-effective cryptocurrency transactions. While Solana’s rise has been impressive, it is still often compared to Ethereum, which remains the most popular and well-known platform for crypto traders to engage in on-chain activities.
The rally of SOL past $100 signifies the growing interest and confidence in the Solana ecosystem. Investors and traders are increasingly recognizing the potential of Solana’s technology and its ability to support a wide range of decentralized applications. As the Solana blockchain continues to gain traction, it is expected to further solidify its position in the crypto market.
In conclusion, SOL’s rally past $100 demonstrates the remarkable growth and potential of the Solana blockchain. With its fast and affordable transactions, Solana is attracting both speculative traders and those interested in exploring its decentralized infrastructure. While Ethereum remains a dominant force, Solana’s recent surge in on-chain activity indicates that it is becoming a formidable competitor in the crypto space.