Solana Surpasses $100 Amid Increased On-Chain Activity

Since the beginning of the year, the Solana blockchain has processed transactions worth $951.9 billion. Amid a resurgence in on-chain activity to levels seen in autumn 2022, the price of SOL reached $104, according to CoinGecko.

The total transaction value has increased by 30% compared to December’s figure of $735.8 billion. The value for September 2023 was $40 billion.

The figure for January 2024 so far includes not only SOL ($474 billion) and native SPL tokens but also operations with the stablecoin USDC ($403 billion).

The rise in Solana’s cryptocurrency price is occurring alongside significant trading activity in pairs with the meme token WEN and “stablecoins.”

WEN was distributed via airdrop among traders of the non-custodial exchange Jupiter, users of the Saga smartphone, and holders of certain NFTs. 

At the time of writing, Solana ranks fifth on CoinMarketCap. The cryptocurrency’s market capitalization stands at $45.2 billion. 

Earlier, CoinGecko analysts noted the impressive “resurrection of Solana from the dead” following the “chain reaction” from the collapse of FTX.