Solana (SOL) Surges Beyond $100: A Month of Unstoppable Growth

• Solana's Native Token SOL Surpasses $100 Mark
• Increased On-Chain Activity on the Solana Blockchain
• Rampant Speculation and Popular Crypto Assets on Solana
• About Solana

Solana's Native Token SOL Surpasses $100 Mark

In a significant market movement on Saturday, Solana$104 5.03%'s native token SOL transcended the $100 threshold. This is the first time it has attained such a level since before the downfall of Terra approximately eighteen months ago. At the time of reporting, the value of SOL sat at approximately $102 per coin.

The token has seen a surge in its value, increasing more than tenfold in 2023. Additionally, the rise has continued with SOL experiencing an increase of over 70% in December alone, as stated by The Source Indices.

Increased On-Chain Activity on the Solana Blockchain

The spike in SOL's price concluded weeks of intense trading that momentarily propelled the Solana blockchain towards the top of the leaderboard for on-chain activity. For the first time, Solana-based decentralized exchanges are approaching Uniswap's multibillion-dollar trading volumes, as reported by DeFiLlama.

Rampant Speculation and Popular Crypto Assets on Solana

The influx of activity is largely attributed to rampant speculation. Currently, some of the most heavily traded crypto assets on Solana are dog-themed memecoins. Moreover, airdrops have also been triggering a surge of traders to experiment with Solana-based lenders, bridges, and other infrastructure.

About Solana

Solana is a smart contract platform that facilitates rapid and cost-effective crypto transactions. It has often been compared to Ethereum$2,315 -2.42% which, despite the rise of Solana, remains the most well-known and widely used platform for crypto traders to engage in on-chain activities.

Edited by Jonathan Stoker