The value of Solana’s token, SOL, declined to $106 in the days following Christmas, despite an impressive 120% monthly rally in December that propelled its market cap beyond that of Binance’s BNB, which is currently valued at $317.
During the pullback, Solana’s price dipped below $100 before stabilizing at just above $101 for several hours before the holiday.
As of the latest update, Solana is being traded at $105, marking a 14% decrease from its annual peak of $123 on December 26, according to TradingView data.
Surprisingly, a 9% surge in the price of BNB has allowed the Binance-associated token to reclaim its position as the fourth-largest cryptocurrency by market capitalization. Solana’s recent surge also led to significant price movements in SOL-based meme coins such as Bonk (BONK) and Dogwifhat (WIF), which recorded remarkable gains of 650% and 123,000%, respectively, between November 22 and December 22. However, both meme coins have retraced over 50% from their all-time highs, coinciding with Solana’s decline starting three days before its yearly high on December 26.
Alongside Solana’s substantial price gains, there was a surge in trading activity on the network, briefly surpassing Ethereum in trading volumes on SOL-based decentralized exchanges (DEXs) for the first time. However, Solana DEX volume has since decreased to $1.1 billion in the last 24 hours, approximately half of Ethereum’s $2 billion, according to DefiLlama data.
In the meantime, Ethereum has recently posted a 5% weekly gain, leading many traders and analysts to speculate that Ether (ETH), currently valued at $2,345, could soon outperform its competitors.
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