Solana surpassed the $100 level amid increased on-chain activity

Since the beginning of the year, the Solana blockchain has processed transactions worth $951.9 billion. Against the background of growth in on-chain activity until the fall of 2022, the price of SOL reached $104, according to CoinGecko.

The increase in the total value of transactions compared to December ($735.8 billion) was 30%. September 2023 value: $40 billion.

Data: The Block.

The indicator for partial January 2024 takes into account not only SOL ($474 billion) and native SPL tokens, but also transactions with the USDC stablecoin ($403 billion).

The rise in the price of the Solana cryptocurrency occurs against the backdrop of significant trading activity in pairs with the WEN meme token and “stable coins.”

Data: Dune.

WEN is distributed via airdrop to traders of the non-custodial exchange Jupiter, users of the Saga smartphone and holders of some NFTs.

At the time of writing, Solana is ranked fifth in the CoinMarketCap rankings. Cryptocurrency capitalization is $45.2 billion.

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

What is Solana (SOL)?