Solana’s Strong Week: SOL Price Rises 25%
Solana is experiencing a strong week, with SOL’s price increasing by 25% over the past seven days. After briefly dropping below $80 last week, SOL has now risen above the $100 mark. This resurgence coincides with increased network activity leading up to Wednesday’s Jupiter token airdrop.
Recovery from Lows and Current Price
According to CoinGecko, Solana’s price has risen by approximately 2% today, reaching around $103. Although it is still far from its peak price of nearly $260 in 2021, Solana has rebounded significantly from its lows in late 2022 when it dropped to around $8. Overall, SOL has experienced a 333% increase in value over the past year.
Increased Activity and Trading Volume
Solana is witnessing a notable surge in activity due to the recent price jump. Traders are increasingly turning to the network because of its lower fees and faster transactions compared to Ethereum. In fact, trading volume on Solana decentralized exchanges (DEXes) has surpassed that of Ethereum for the rolling 24-hour period ending Sunday evening, as reported by DeFi Llama.
Rising On-Chain Metrics
Additional data from Hello Moon reveals a significant increase in various on-chain metrics on Solana. Daily active users with a SOL wallet balance have surged, and there was an all-time high of nearly 750,000 new wallets used for signing transactions last Friday.
JUP Token Launch and WEN Debut
The recent price rise and growing network usage align with the upcoming launch of JUP, the official token of DEX aggregator Jupiter, scheduled for January 31. To test its new token launchpad, Jupiter introduced WEN, a meme coin that eligible wallets could claim for free. However, over 271 billion WEN tokens went unclaimed by the Monday morning deadline, resulting in a 52% decrease in value since its peak.
Hot Take: Solana’s Resurgence Reflects Growing Interest
Solana’s recent price increase and network activity highlight the growing interest in the platform. With lower fees and faster transactions than Ethereum, traders are increasingly turning to Solana. The upcoming JUP token launch and recent WEN debut have also contributed to the surge in activity. While there may be fluctuations in individual tokens like WEN, Solana’s overall performance demonstrates its resilience and potential for further growth in the future.
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