Solana Surges Past $100 Amid Trading Frenzy
Solana's native token SOL has broken through the $100 barrier for the first time since February, climbing over 23% in the past week and hitting a price of $107. The token's surge coincided with record-breaking trading volume in Solana exchange-traded funds, which saw cumulative inflows hit $1.2 billion on Tuesday, with nearly $34 million coming in on Monday alone.
The total stablecoin value on Solana approached $16 billion on Thursday, giving investors more readily available dollar-backed liquidity on the network. This gain comes during a more favorable stretch for crypto markets, following last week's Treasury Department bond buybacks that investors saw as a sign of increased cash circulation through financial markets.
Crypto analyst Michael van de Poppe noted that while Solana's price is moving upwards, it still hasn't gained 20% back from the bear market that lasted for a year. The network has seen growing activity, with decentralized exchanges handling nearly $56 billion in trades over the past 30 days and processing more than $10 billion so far this week.
Some of this activity came from memecoin trading, which has increased sharply in recent weeks due to Solana's low transaction costs and Pump.fun, a popular token-launch platform. However, the volume can disappear quickly, and it may not necessarily signal lasting demand for SOL.