Solana’s native token, SOL, has hit a new all-time high of 0.05797 against Ethereum, as reported by Tradingview data. This surge comes after SOL surpassed the $200 mark for the first time since November 2021, coinciding with record-breaking network activity on the blockchain.
With this price increase, Solana’s market capitalization has soared to over $91 billion, solidifying its position as the fourth-largest digital asset by market cap. Currently, SOL is trading at $207.
The surge in Solana’s value can be attributed to strong network activity, driven primarily by the popularity of memecoins. Data from DeFillama shows that Solana’s decentralized exchanges (DEX) experienced a trading volume of around $2.8 billion in the past day, outpacing Ethereum-based DEX volumes.
Solana’s DEX dominance has been evident in recent months, with its top three DEXs—Raydium, Jupiter, and Orca—commanding over 40% of the market share. Notably, the top 35 assets by volume in the last 24 hours were memecoins based on Solana.
Moreover, Solana has outperformed other chains in terms of daily active addresses, with over 2 million addresses interacting with the blockchain. Despite this increased activity, Solana has managed to keep its network fees low compared to Ethereum and its layer-2 networks.
While Ethereum recently implemented the Dencun upgrade to reduce transaction fees, Solana’s fees remain significantly lower. Market analysts believe that these low fees could position Solana-based projects as attractive alternatives to those on Ethereum.
This surge in Solana’s value and network activity highlights its growing prominence in the digital asset space, particularly in the realm of decentralized finance (DeFi) and technology sectors.
