Solana Market Cap Hits New All-Time High as SOL Price Tops $185

The market cap of Solana hit an all-time high late Friday, with CoinGecko data showing that it reached a peak of over $82 billion. It has since dropped slightly to about $80.5 billion, though still remains above 2021 peak levels.

But the price of Solana (SOL) is still well below its all-time November 2021 high of $259.96. That’s because more coins are in the market now compared to 2021, boosting the total market cap to new highs.

SOL is currently trading for $181, up nearly 9% in 24 hours and 21% over the past seven days. Of the top 20 coins and tokens, SOL is the best performer over the past day. And today's peak is its highest price seen since December 2021.

Solana mania came back unexpectedly last year. The blockchain—which is billed as a faster, cheaper competitor to Ethereum—was a favorite of collapsed crypto brand, FTX. The failed exchange was heavily involved in the project and its token, SOL, and the price plunged dramatically by the end of 2022.

Some crypto observers thought that the trial of criminal ex-FTX boss Sam Bankman-Fried and the collapse of his crypto empire would lead to the downfall of the token and its network. 

Instead, Solana started to boom again last November for a number of reasons: Developers thought it was fast and cheap, major brands like Shopify and Visa wanted to use its blockchain, and meme coin traders flocked to the chain thanks to its low fees.

SOL is now the fifth-biggest digital asset by market cap. Interest in its network has surged during the recent rise in crypto prices—particularly as new meme tokens such as BONK and Dogwifhat gain popularity.

Edited by Andrew Hayward