Ethereum Layer-1 competitor Solana has been on an unstoppable price surge despite the broader market consolidation. The Solana (SOL) price surged another 10% on Sunday, March 17, shooting past $200 for the first time since December 2021. The staggering 800% gains over the past year have helped Solana close the gap with its all-time high levels.
What’s Behind the Solana (SOL) Price Rally?
Over the weekend, Solana network activity surged past Ethereum’s as demand for Solana-based memecoins intensified, leading to strain on the network’s capacity. On March 16, Solana’s total trading volume surpassed Ethereum’s, reaching $3.52 billion and exceeding Ethereum’s daily volume by over $1.1 billion, according to DefiLlama.
This significant increase in Solana network activity was primarily fueled by a heightened interest in new memecoins. On March 14, investors flocked to a newly launched memecoin called Book of Meme (BOME), which swiftly surged from negligible value to a market capit
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