Solana’s SOL value skilled a notable setback in the course of the first week of the brand new 12 months, sliding by 10% to underneath $100. This decline marked a major retracement from its latest peak of $115 on January 2.
Nonetheless, its ecosystem continues to thrive, witnessing a surge in transaction quantity and a rising stablecoin dominance.
SOL’s Worth Cools Down
Final 12 months, Solana stood out as one of many top-performing cryptocurrency, exhibiting a staggering surge of almost 1,000%. Whereas most of this progress occurred in the course of the latter a part of the 12 months, it coincided with a resurgence in Solana’s DeFi sector and elevated community exercise.
A number of observers had anticipated this constructive development to increase into the brand new 12 months, supported by early indicators. As of December 31, SOL was buying and selling at $103 and shortly ascended to $115 by January 2. Nevertheless, the altcoin’s value skilled a correction on January 3, triggered by a report that the US SEC may reject all pending spot Bitcoin ETF functions.
Since then, the value decline has persevered, with SOL worth dropping as little as $92 earlier as we speak. Solana has since recovered to $95.35 as of press time.
Learn extra: Is Solana (SOL) Ready to Skyrocket by 50x in 2024?
It’s price noting that the downturn aligns with the broader decline throughout numerous high cryptocurrencies, together with Ethereum, XRP, and Cardano. These digital asset costs have fallen by 3%, 9%, and 14%, respectively.
The Solana Community Thrives
Regardless of SOL’s risky value efficiency, the Solana community is witnessing heightened exercise. The every day transaction quantity on Solana surged to greater than $40 billion, the community’s highest transaction quantity since October 2022.
“Solana’s every day transaction quantity hits a brand new excessive of over $40 billion – the best since October 2022! Financial exercise for SPL commonplace tokens can be at a peak, unseen since late 2022,” IATH Studio pointed out.

This surge in Solana’s transaction quantity primarily stems from meme coin buying and selling. Notably, Solana-based meme cash, like BONK and WIF, have loved curiosity from the crypto group due to their spectacular value efficiency.
Learn extra: Alert: Deepfake Anatoly Yakovenko Video Targets Solana (SOL) Holders
Data from Artemis additional exhibits that Solana is rising as a dominant power for stablecoin transactions on account of its cheaper charges. As of January 1, Solana-based USDC switch quantity surpassed that of USDT on the TRON blockchain by greater than 40 billion.
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