In a remarkable comeback, Solana's native token SOL has surged past the $100 mark, reclaiming a price level not seen since the eve of Terra's collapse a year and a half ago. At present, SOL is valued at around $102 per coin, marking a significant increase of over tenfold in value throughout 2023. CoinDesk Indices report that the token has witnessed a remarkable surge of over 70% in December alone.

This surge in price comes after weeks of frenzied trading on the Solana blockchain, propelling it up the leaderboard for on-chain activity, at least temporarily. According to DeFiLlama, Solana-based decentralized exchanges are nearing the multibillion-dollar trading volumes seen on Uniswap for the first time.

Much of this increased activity can be attributed to rampant speculation, as popular dog-themed memecoins dominate the trading scene on Solana. However, the emergence of airdrops has also played a significant role in attracting hordes of traders to explore Solana-based lenders, bridges, and other infrastructure.

Solana, known for its fast and cost-effective crypto transactions, is often compared to Ethereum, which remains the most popular and well-known platform for crypto traders to engage in on-chain activities, despite Solana's recent ascendence.

With SOL's soaring value and the growing prominence of Solana in the world of cryptocurrencies, this blockchain platform is undoubtedly attracting more attention from traders and investors. Market analysts will closely monitor the continued growth of Solana and its potential impact on the broader crypto market as a whole.