In what is a remarkable turn of events, Solana has recovered massively from Monday’s crypto crash, as SOL has surged almost 40% along with meme coins based on the network. The asset had fallen as low as $110 to start the week. Now, the price has recovered massively, trading above the $152 mark.
Yet, SOL isn’t the only Solana-based asset to be thriving this week. The blockchain’s meme coins have made an impressive reversal, up by more than 30% in the last 24 hours. The bounce back asserts the confidence in Solana as an ecosystem, and SOL’s place among crypto’s big three.
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Solana Returns to Form as Ecosystem Shows Impressive Recovery
The crypto market was thrown for a loop Monday with the arrival of a massive crash. It wasn’t singular to digital assets, as the US stock market lost more than $2 trillion. Driven by geopolitical concerns, recessionary fears drove panic throughout the finance sector. Yet, many assets are enjoying quite impressive comebacks.
Among them is Solana, which has surged more almost 40% from post-crash lows, as SOL and the network meme coins are finding their way back on track. The ecosystem’s native token has increased 9% in the last 24 hours, according to CoinMarketCap. Moreover, it is nearing the $153 mark.
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Additionally, Solana-based meme coins have performed equally well. 2024 newcomer Dogwifhat (WIF) has surged as much as 25% since the crash. Popcat (POPCAT) has increased as much, with tokens like MUMU and CATDOG also increasing around 30% since Monday.
This is in contrast to meme tokens on other networks. Dogecoin (DOGE) and PEPE have both lost as much as $5. The movement shows the reliability and confidence in Solana. Indeed, the network has seen its volumes double from Monday’s $1.5 billion. Those figures have surged to $3.3 billion, according to DeFiLlama data.
The situation shows SOL continues to asset itself alongside both Ethereum and Bitcoin. The two industry leaders are the only crypto-based ETFs in the US. However, Solana has gotten some consideration. These kinds of outcomes should only solidify that bid.
