Solana’s SOL token experienced a significant price increase, reaching its highest point since December 2021. The token surpassed $200 for the first time since November 2021, fueled by a surge in network activity.
This growth comes amidst a broader trend of altcoins gaining momentum following Bitcoin’s recent retreat from all-time highs. SOL is currently trading at $202, representing a 10% increase over the past day and a 45% jump over the last week. This surge has propelled SOL to the fourth position in the cryptocurrency market capitalization rankings, surpassing BNB.
Solana’s network has witnessed a significant upswing in activity, with key metrics like network volumes, active wallets, fees, and total value locked (TVL) reaching record highs. This growth is attributed to a surge in pre-sale activity for new meme coins launched on the Solana blockchain.
Sentiment analysis suggests that retail investors likely played a major role in driving this activity. They flocked to participate in presales and chase new meme coins that emerged on the Solana network over the weekend.
While the price increase is positive, a potential cause for concern lies in the negative net inflows observed on the Solana blockchain over the past week. This indicates that there may not have been a substantial influx of new capital into the ecosystem.
