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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.

By Danny Nelson
AccessTimeIconDec 23, 2023 at 7:47 p.m. UTC
Updated Mar 8, 2024 at 7:07 p.m. UTC
Solana's Breakpoint came at the market's previous zenith (Zack Seward/CoinDesk)
Solana's Breakpoint came at the market's previous zenith (Zack Seward/CoinDesk)
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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.

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.

Edited by Kevin Reynolds.

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CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Danny Nelson
Danny Nelson

Danny is CoinDesk's Managing Editor for Data & Tokens. He owns BTC, ETH and SOL.

Follow @realDannyNelson on Twitter

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