Solana, a layer-1 decentralized network, made significant strides in user activity and value in 2024, particularly with its native token SOL. Surging nearly 200% this year, Solana has reestablished itself as a top blockchain, gaining over 275% since hitting a low of $8 following the FTX collapse in late 2022. Despite past outages and criticism, technological advancements are on the horizon with the introduction of Firedancer, aimed at improving network performance. Alongside this, Solana's embrace of meme coins has led to a 'meme coin supercycle,' attracting cultural relevance and speculation. The launch of Solana Saga, a smartphone tailored for blockchain enthusiasts, further underscores Solana's growing ecosystem. Collaborations with major institutions like PayPal highlight Solana’s potential as a key player in digital payments. As it continues to innovate and attract participants, Solana is evolving into a robust platform, challenging previous narratives about its reliability and utility.

Source 🔗