Solana has surpassed Bitcoin in growth since the beginning of the year and is second only to the regular cryptocurrency market leaders in terms of cryptocurrency market share
The rate of native blockchain token Solana (SOL) on March 18 reached its highest since December 2021, momentarily reaching $209+ on the Binance exchange when paired with the Tether USD (USDT) stablecoin.
The capitalization of SOL, according to CoinMarketCap, reached an all-time high of $89.4 billion. And that made the token the fourth largest crypto asset after bitcoin (BTC), Ethereum (ETH) and the USDT stablecoin. SOL's previous capitalization high was $77.9 billion in November 2021.
Solana's price has risen more than 100% since the beginning of the year. But the token is trading below its all-time high at $250, reached in November 2021 during the peak of the crypto market.
New Solana Records
On March 18, the SOL token overtook the BNB cryptocurrency from the Binance exchange in terms of capitalization, which had long been ranked fourth in the Coinmarketcap rankings.
Search queries for the word "Solana" reached the index of 100. And that is an absolute record in the five-year history of the cryptocurrency. The previous peak was recorded in early September 2021 - then the value of search activity was 84. Experts attribute the surge of interest in Solana to the SOL price exceeding the $200 mark.
Benjamin Stani, director of business development at Matrixport analytical company, linked the growth of SOL price to active trading of memcoins issued on the Solana blockchain.
Over the weekend, Solana surpassed Ethereum in trading volume due to increased interest in Solana-based memcoins. Trading volume on SOL reached $3.52 billion on March 16, according to data from DefiLlama. And that's $1.1 billion more than the daily trading volume on Ethereum. However, the increase in activity has taken a toll on the network.
Our experts predict the coin to update the historic high, provided the rally in the cryptocurrency market continues. And expansion of the Solana blockchain application ecosystem. $SOL