Solana March 2024 Recap: Analyzing SOL Price and Reviewing the Ecosystem
In this comprehensive report, we will provide a detailed analysis of the Solana ecosystem and an overview of SOL price action in March 2024. We will focus on the factors that contributed to the significant increase in SOL’s price and the rise of meme coin trading on the Solana blockchain.
Key Highlights:
– SOL struggled to surpass the $200 mark, but on-chain and derivatives metrics indicated a healthy market.
– Solana’s market capitalization reached an all-time high of $4.9 billion, making it one of the most valuable blockchain networks. Additionally, Solana’s daily active addresses reached 2.4 million, surpassing all other chains.
– Google search interest for Solana reached record levels due to the surge in popularity of meme coins on the network.
– Solana’s stablecoin transfer volume surpassed that of Ethereum, reaching a new high of $112.9 billion on March 28.
– Dogwifhat outperformed the meme coin market following its listings on Robinhood Europe and Binance.
What is Solana?
Solana is an open-source blockchain platform founded in 2017 that prioritizes scalability and speed. Its unique Layer 1 network architecture allows it to process over 710,000 transactions per second, enabling the creation of smart contracts and decentralized applications (DApps) for various use cases, including decentralized finance (DeFi) and non-fungible tokens (NFTs) marketplaces. Unlike Ethereum, Solana does not require additional scaling solutions and relies on powerful computers for network maintenance and data storage. SOL, its native cryptocurrency, is essential for transactions and network security through staking.
Solana On-Chain Data Analysis and SOL Price Performance
On March 18, Solana’s market capitalization surged to an all-time high of $92.5 billion, surpassing its previous peak in November 2021. The Solana network also set a new record for the daily number of new addresses on the blockchain, reaching 1.61 million on March 21. Additionally, Solana’s daily active addresses reached 2.4 million, surpassing all other chains since June 2021.
The daily transaction volume on Solana fluctuated during the month, with a slight increase from 27.9 million on March 1 to 29.1 million on March 28. However, in the last two days of the month, the number dropped to 23.3 million. Solana’s total value locked (TVL) increased by 96% compared to February 2024, reaching $4.9 billion in March.
SOL, the native cryptocurrency of Solana, experienced a continuous price increase throughout March. Starting at $135 on March 1, SOL’s price reached nearly $205 on March 28, the highest level since December 2021.
Solana’s meme coin mania also contributed to the increase in on-chain volumes and fees. On March 15, the volume on Solana exceeded $3.79 billion. The total trading volume on Solana surpassed Ethereum on March 16, reaching $3.52 billion. Total fees on Solana reached an all-time high of $4.9 million on March 18, with the majority being non-vote priority fees. Additionally, Solana overtook Ethereum as the leading blockchain for stablecoin transfer volume, with $112.9 billion on March 28, compared to Ethereum’s $17.6 billion.
Google search interest in Solana reached record levels in March, with a global interest score of 100 on March 10 and 16, surpassing the previous peak in December 2023. According to CoinGecko Research, Solana has become the most popular blockchain in 2024, capturing 49.3% of global crypto investor interest in chain-specific narratives.
Solana Ecosystem Updates and Collaborations
FTX, a bankrupt cryptocurrency exchange, announced the sale of its remaining 41 million Solana tokens to institutional investors at a discounted price of $60, compared to the market price of $188. Neptune Digital acquired 26,964 SOL at $64 per token, with unlocking scheduled for March 2025 and monthly thereafter until 2028. Pantera Capital, a major crypto hedge fund, is also seeking funds to acquire SOL from FTX.
Coca-Cola HBC partnered with Solana-based platform ALL.ART to implement blockchain-based employee certification. The partnership aims to enhance security and authenticity by allowing students or trainees to digitally sign their certificates.
Figment Europe and Apex Group are preparing to launch Solana staking exchange-traded products (ETPs) on the SIX Swiss Exchange. The product, Figment Solana Plus Staking Rewards (SOLF), will provide institutions with easy access to staking rewards.
Aphone, a new virtual smartphone app, was launched on Solana’s blockchain and Aethir’s decentralized cloud infrastructure. The app enables users to interact with resource-intensive apps and games, regardless of their device’s capabilities, and aims to provide wider access to Web3 concepts and applications.
The Ethereum-based gaming project Killabears announced its plan to transition to the Solana blockchain, making it the first major gaming project to migrate from Ethereum.
Solana Ecosystem Coins
Solana ecosystem coins are digital assets that operate on the Solana blockchain, known for its high throughput and low transaction costs. These coins represent various applications and services, including DeFi platforms, NFTs, and other blockchain-based projects, leveraging Solana’s fast and efficient network infrastructure. The meme coin scene on Solana experienced significant activity during the crypto bull run in March.
Slerf (SLERF), the meme coin of the Solana-based NFT community Bozo Collective, saw a surge in price despite a major pre-launch glitch. The reduced supply due to a liquidity pool (LP) burn fueled a buying frenzy, leading to a market cap of $500 million within three hours.
Dogwifhat (WIF), a dog-themed meme coin, became the third-largest meme coin by market capitalization on March 29, surpassing Pepe (PEPE). Its price reached an all-time high of $4.8 on March 31, supported by listings on Binance and Robinhood Europe.
Jeo Boden (BODEN), a Solana meme coin parody of U.S. President Joe Biden, achieved a new market cap record, surpassing $325 million on March 28.
Milady Wif Hat (LADYF), a Solana-based meme coin launched by the Milady NFT collection, attracted $18.6 million within two hours of its pre-sale announcement.
Book of Memes (BOME), a new Solana meme coin, gained significant traction with a market capitalization of $1.4 billion within 36 hours of its launch.
SMOG, another meme coin, experienced a remarkable uptrend, reflecting a 233% increase over the last month.
Solana DEXs
Solana-based decentralized exchanges (DEXs) gained prominence during the meme coin frenzy.
Jupiter (JUP), Solana’s DEX, allocated $10 million in USDC and $100 million in its native JUP token to launch its Jupiter DAO. The DAO aims to support ideas using USDC and incentivize long-term contributors.
Circle’s Cross-Chain Transfer Protocol (CCTP) became operational on Solana’s main net, allowing native exchange of USDC tokens from Ethereum and other EVM-compatible ecosystems. This enhancement was integrated by various Solana ecosystem players.
Io.net, the decentralized physical infrastructure network (DePIN) on Solana, raised $30 million at a $1 billion valuation. The platform experienced significant growth, with over 120,000 workers providing GPU power.
Zeta Markets (Z), a derivatives DEX on Solana, announced a Z Airdrop for early adopters and dedicated users of the platform.
Kamino Finance (KMNO), a dominant player in Solana DeFi, launched its governance token, KMNO, and announced the Genesis Distribution airdrop.
Solana NFTs
Solana emerged as the third most traded blockchain network in the NFT ecosystem in February. In March, sales volume for Solana-based NFTs reached $234.9 million, attracting around 24,000 buyers and 18,000 sellers.
Tensor, the Solana NFT marketplace, announced its intention to issue a governance token, TNSR, without providing specific details.
A relatively unknown NFT artist, Kero, raised over $10 million in SOL in less than a day through the pre-sale of a meme coin.
Notable NFT sales included the iconic photo of Achi, the dog behind the meme coin Dogwifhat, which sold for $4.3 million.
Looking Ahead – Solana Analysis for April
March demonstrated significant milestones for Solana, with market capitalization, on-chain activity, and SOL price reaching new highs. The ecosystem witnessed collaborations, institutional investments, DeFi enhancements, and the launch of innovative projects.
Meme coins thrived on Solana, driving market activity and excitement. The NFT market on Solana also saw robust sales and the introduction of new governance tokens.
These developments underline Solana’s growing prominence in the blockchain space and its ability to attract global interest. As we move into April, it will be interesting to see how Solana’s ecosystem continues to evolve and whether SOL’s price will maintain its upward trajectory.
Find out more:
Solana Price Prediction 2024, 2025, 2026 – 2034
