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Solana’s SOL Rallies Past $100, Continuing Torrid Month
Meme coin traders and airdrop farmers are bringing more attention to Solana.
Updated Mar 8, 2024, 7:07 p.m. Published Dec 23, 2023, 7:47 p.m.
The Solana blockchain's native token SOL broke $100 Saturday, reclaiming a price level not seen since the eve of Terra's collapse a year and a half ago.
At press time SOL was valued at around $102 a coin. It has increased in value more than tenfold in 2023 and is up over 70% in December alone, according to CoinDesk Indices.
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Saturday's price action capped weeks of frenzied trading that have – at least temporarily – vaulted the Solana blockchain up the leaderboard for on-chain activity. Solana-based decentralized exchanges are nearing Uniswap's multibillion-dollar trading volumes for the first time, according to DefiLlama.
Much of that energy is being driven by rampant speculation. Some of the most popular crypto assets being traded on Solana right now are dog-themed meme coins. But airdrops, too, are prompting droves of traders to test out Solana-based lenders, bridges and other infrastructure.
Solana is a smart contracts platform that supports fast and cheap crypto transactions. It has been compared to Ethereum, which despite Solana's ascendence, is still the most popular and best-known place for crypto traders to play on-chain.
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Bitcoin Market Echoes Early 2022 as Onchain Stress Mounts: Glassnode
Rising bitcoin supply in loss, weakening spot demand and cautious derivatives positioning were among the issues raised by the data provider in its weekly newsletter.
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- Glassnode's weekly newsletter shows multiple onchain metrics now resemble conditions seen at the start of the 2022 bear market, including elevated top buyer stress and a sharp rise in supply held at a loss.
- Off chain indicators show softening demand and fading risk appetite, with declining ETF flows and weakening spot volumes.
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