Summary
TLDR: Solana briefly crossed $200 before dropping, needs to hit $260 for new all-time high. Interest rising due to airdrops and memecoin speculation. Total value locked in Solana’s DeFi protocols is around $4.6 billion. Stablecoin volume increasing. Memecoins popular on Solana, attracting influential figures’ attention. Grayscale’s Solana Trust (GSOL) market price climbing, staking fund includes Solana. Other firms offering exchange-traded products for Solana ecosystem.
Key Points
1. Solana crossed the $200 mark for a few hours Sunday night, recapturing the threshold for just the second time since 2021.
2. The rally would be short-lived, as Solana (SOL) tumbled Monday to around $190. And it will still need to climb to around $260 to set a new all-time high, according to CoinGecko.
3. After languishing for months amid the fallout of FTX’s collapse, Solana interest picked up near the end of 2023 as airdrops and memecoin speculation drove user interest. Solana’s ecosystem will see another airdrop soon as the cross-chain messaging protocol Wormhole gears up to release its W token.