The year 2024 witnesses a spectacular comeback of Solana – a layer-1 blockchain once doubted in the cold crypto market. From resolving technical issues, bursting user growth, to promoting new trends like meme coins and DePIN (Decentralized Infrastructure Projects), Solana has proven its strength.
1. Solana Goes Against the Tide: From Recession to New Heights
Once plummeting to $8 after the collapse of FTX in 2022, $SOL has made a strong comeback with a growth of over 275% this year, peaking at $263 at the end of November. Although the price has dropped 17% from its peak, Solana still ranks 5th in market capitalization.
Data from Syncracy shows that Solana has surpassed $ETH in terms of real economic value, the number of active addresses, and transaction volume on DEX exchanges. The potential emergence of ETFs related to Solana in the near future further reinforces confidence in the breakthrough of this network.
2. Meme Coin Supercycle: Cultural Explosion on Solana
Meme coins – tokens that are entertaining and popular due to Internet culture – have created a huge craze on Solana this year.
• Pump.fun, a meme token creation platform, helps users easily issue more than 4 million tokens just in 2024.
• Although most tokens are worthless, some have entered the top 100 by market capitalization, providing significant returns for investors.
This boom has made Solana the center of the 'meme coin supercycle,' demonstrating the appeal of this blockchain to both investors and the general user community.
3. Solana Saga: A Technological Leap Beyond Blockchain
Solana's first smartphone product, Saga, after a slow start has become a sensation due to airdrops and soulbound tokens. This success is followed by the new version Seeker, expected to launch in early 2025, with over 140,000 orders and $65 million in revenue.
Not stopping at #Smartphone , Solana is also expanding blockchain applications into handheld gaming devices and decentralized infrastructure (DePIN) projects, such as:
• Helium: A decentralized mobile network, with the MOBILE token increasing by more than 300% this year.
• Teleport: A ride-sharing platform based on Solana technology.
4. Firedancer: The Promise of Technical Stability
After past network interruptions, Solana is improving its infrastructure with Firedancer – a validator client developed by Jump Crypto.
• The Freakdancer test version has been running on the mainnet since September without any issues.
• Firedancer is designed to optimize hardware and improve network performance.
This is an important step that helps Solana thoroughly address technical issues and maintain reliability in the future.
5. Interest from Major Institutions
Besides the crypto user community, major financial institutions are also gradually paying attention to Solana.
• PayPal has integrated the stablecoin PYUSD on Solana, highlighting the effective payment support capabilities of this blockchain.
• Institutions like VanEck and #Visa continue to appreciate Solana for its scalability, low costs, and applications in commerce.
Conclusion: Solana and a Bright Future
The year 2024 marks a strong return for Solana, overcoming doubts to become one of the most promising blockchains. With technological advancements like Firedancer, the explosion of meme coins, and the expansion of practical applications, Solana is ready for a promising 2025.
Are you ready to join the revival story of Solana?