Solana (SOL) once again surpassed the $200 mark within a few hours on Sunday night for the second time since 2021. However, investors should remain wary as the rally may be short-lived, with Solana plunging to around $190 on Monday. Still, Solana would need to climb to around $260 to hit a new all-time high.

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Additionally, the total value locked in Solana’s DeFi protocol has been steadily rising. Partly due to airdrop allocation mining, as of now, the total locked value of Solana’s DeFi protocol is approximately $4.6 billion. At the same time, stablecoin trading volume on the Solana chain has also increased significantly. According to Blockworks Research, Solana processed more than $100 billion in USDT and USDC transfers last week.

Additionally, meme coins have become the latest focus of the Solana world. Platforms like DEX Screener have made the low-fee layer-1 a popular place to speculate on night flight tokens in hopes of becoming the next dogwifhat (WIF).