2024 marked a decisive year for Solana, as the cryptocurrency recovered its price levels from 2021 and surpassed $250. Although this Monday the crypto dipped slightly, it remains above $240. The balance is positive over the last three months with a 42% profit.
Data indicates that Solana significantly improved its performance before the US presidential elections, although its upward trajectory began even earlier.
Although 'meme coins' lack the utility and features of major cryptocurrencies like Bitcoin, Ethereum, or #Solana (SOL), they have become key elements of the market cycle, standing out as some of the best-performing assets.
The Solana ecosystem has established itself as an important center for 'meme coins'. This position was further strengthened in early 2024 with the launch of Pump.Fun, a platform designed to quickly create and launch 'meme coins'.
The week leading up to the US presidential elections brought notable volatility to the crypto market, with price increases and decreases. However, as November 5 approached, the day of the elections, cryptocurrencies found stabilization, and the Solana ecosystem showed remarkable confidence.
During that week, Solana recorded $172 million in on-chain transactions, marking a strong recovery after a decline in the summer, with visible growth since September.
On November 5, Dune data revealed that Solana recorded $69.5 million in transactions, leading among blockchains. In comparison, Base, the second blockchain, had only $7 million in transactions, a difference of 894%.
The growth of Solana did not stop there. Activity on the blockchain continued to rise after the elections, further consolidating its dominance. On November 22, the transaction count of Solana reached $83.7 million, accounting for 79% of all blockchain transactions in the last 90 days.
