SOL’s Impressive Ascent
SOL, Solana’s native cryptocurrency, has initiated an impressive ascent, breaking through the $110 barrier, demonstrating resilience, and sustaining a remarkable three-week climb. This surge coincides with the overall industry recovery and increased meme coin activity, contributing to Solana’s growing acceptance.
SOL’s Remarkable Surge
SOL’s price has surged, reaching heights not witnessed since the eve of Terra’s significant downturn a year and a half ago. This surge aligns with a noticeable increase in meme coin activity, contributing to Solana’s growing acceptance and allure.
Stellar Six-Month Performance
Over the past six months, Solana has delivered an extraordinary 400% rally, firmly establishing itself as one of the standout performers in the cryptocurrency realm.
Current Price Dynamics
As of the latest data from CoinMarketCap, SOL is navigating the $110–$117 range, boasting a 21% increase over the past seven days and maintaining a robust 60% surge over the last week.
Industry-wide Crypto Rebound
The current uptick in Solana’s value is attributed to the overall recovery in the cryptocurrency industry. A substantial 40% increase in the token’s total market capitalization signals renewed investor confidence and interest in the digital asset space.
Locked Value on Solana Applications
Simultaneously, the total value of tokens locked on Solana applications has witnessed a significant uptick, reaching levels last seen in July 2022, rallying from $400 million in November to an impressive $1.3 billion.
Year-to-Date Gains and TVL Surge
SOL’s year-to-date gains have surged to over 830%, with the majority of this remarkable growth occurring in the past two months. The Total Value Locked (TVL) on the Solana network hasn’t reached this pinnacle since October 2022.
Frenetic Trade and On-Chain Activity
The recent price action on Sunday marked the culmination of weeks of frenzied trade, briefly propelling the Solana blockchain to the forefront of on-chain activity. According to DefiLlama, decentralized exchanges on Solana are approaching trading volumes reminiscent of Uniswap, reaching billions of dollars.
Surge in Network Demand
December has witnessed a substantial increase in demand for the Solana network, with the daily count of active addresses hitting a year-to-date high of 1.26 million on December 18, highlighting a surge in network activity.