Solana sees resurgent interest and activity as traders anticipate launch of new Jupiter token.
Activity on the Solana blockchain has exploded in recent days, fueled by growing enthusiasm around the ecosystem and speculation that the price of SOL will continue its upward trajectory.
SOL has already reclaimed the important $100 level after briefly dipping below $80. This renewed interest appears tied to the impending launch of Jupiter (JUP), a new token for the Solana-based decentralized exchange (DEX) aggregator, Jupiter.
As of January 31st, trading volumes on Solana DEXes remain at $853.17 million over the past 24 hours, though they still trail Ethereum volumes of $1.223 billion over the same period. A range of other metrics also showcases heightened activity, including nearly 750,000 new Solana wallets created last Friday alone, an all-time high.
However, short-term speculators are not the only ones behind this growth surge. Solana saw strong fundamentals building throughout 2023 as well, like rapidly expanding new accounts and on-chain transactions. Analysts suggest that with network capacity expanding and developers building aggressively on the blockchain, Solana could soon revisit its former all-time high price record of around $260.
