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Solana, the fourth largest cryptocurrency by market capitalization, has seen a slight cooldown after its impressive surge past the $100 mark over the weekend. As of now, SOL is trading at $109.20, reflecting an 11% decrease in the past day.

Despite the dip in price, Solana has managed to maintain its position above $100, which it crossed on Saturday. This upward momentum is indicative of the positive trend in the broader crypto market. Notably, Solana's market capitalization continues to impress, solidifying its rank as the fourth largest crypto asset.

The rise in Solana's popularity has spurred significant trading activity, with the past day witnessing a volume of $5.6 billion, according to CoinGecko. Moreover, SOL achieved its highest 1-day volume of the year, reaching $6.2 billion, indicating its potential to surpass this record today. In comparison, the trading volume of Binance's BNB token, a utility token for the Binance crypto exchange, has been surpassed by Solana's trading activity.

Meanwhile, Bitcoin and Ethereum, the two largest crypto assets by market capitalization, have also experienced a 4% decline in their respective prices. At the time of writing, Bitcoin is trading at $41,861.48, while Ethereum is valued at $2,197.27.

The recent rally in both BTC and ETH prices can be attributed to the anticipation surrounding possible spot ETF (Exchange Traded Fund) approvals. Several Ethereum ETF applications have been recently filed with the Securities and Exchange Commission, and analysts anticipate that the SEC will make decisions on multiple Bitcoin ETF applications in the coming weeks.

Solana's noteworthy performance is particularly remarkable considering its association with FTX, a crypto empire that faced bankruptcy in November 2022, and its founder Sam Bankman-Fried. Despite the turmoil surrounding FTX, Solana has made an impressive recovery, with a remarkable 880% increase year-to-date. This rebound is further supported by significant activity on the Solana network, with an increase in network activities and the emergence of new addresses.

Alongside the institutional interest, Solana has also witnessed a surge in meme coin activities. Solana meme coin BONK, which garnered attention in the top 100 assets, has experienced a slight decline after reaching a peak at 69. Following its listing on Coinbase, BONK hit an all-time high. However, it remains a highly volatile meme coin, currently trading at $0.00001615, down 15% in the past day.

Another newly emerged dog-themed meme coin, Dogwifhat, rose to $0.33 on Friday, marking an all-time high for a coin that entered the market on December 13. However, the momentum has since faded, and Dogwifhat is currently trading at $0.15, reflecting a 30% decline in the past 24 hours.

As the crypto market continues to capture investors' attention, the performance of major cryptocurrencies like Solana, Bitcoin, and Ethereum remains crucial in shaping the overall sentiment and trend in the industry.