In 2024, Solana made an impressive recovery in the crypto market. Following the FTX failure, Solana faced doubts about its future.
However, the network experienced a substantial revival. Let’s see how Solana went from being a wreck to a crypto powerhouse in a year.
Solana
Solana achieved more than recovery in its comeback because it experienced a complete rebirth. It showed impressive DEX volumes, network fee levels, and protocol earnings growth. Each area demonstrated significant improvement, highlighting the network’s strong performance. The network changes went beyond short-term fee boosts. Solana thrived due to price reflexivity, DeFi adoption, and impactful $JTO and $JUP airdrops.
Here’s another way of putting it, Solana is 98% away from it’s ATH.
– While $BTC is 12.5% away
– And $Eth is 43% away $SOL is still undervalued and has huge upside potential pic.twitter.com/I4HnpGnBn2— Mego @ Vybe (@MegoDefi) March 1, 2024
Memecoins
Memecoins initially looked like mere jokes, but the market used them to revive Solana. Solana memecoins attracted many users, drove network fees, and sparked new infrastructure developments. Pumpdotfun transactions alone reached 55% of all Solana activity in January.
The memecoins managed to bring widespread interest and genuine economic worth. People join networks because of valuable features, which leads to increased transaction volumes.
BREAKING: @pumpdotfun BECOMES TOP DEX ON SOLANA — ATH $1.8B VOLUME AND 59% MARKET SHARE IN 24 HOURS!!!
— SolanaNews.sol (@solananew) March 29, 2025
Airdrops and Strategic Moves
One of the most effective strategies in Solana’s 2024 comeback was using airdrops. Projects like Jupiter ($JUP) and Jito ($JTO) dropped tokens, which brought fresh liquidity to the network. These airdrops spiked user activity, helping Solana reach new heights in DeFi. The excitement didn’t stop with the airdrops.
The stablecoin supply hit an all-time high of $11 billion, showing the growing trust in Solana’s blockchain for more significant transactions and investments.
Jupiter’s $600M Airdrop
Over $390M of JUP has been distributed to 530K participants so far in one of Solana’s largest airdrops ever.
Between snipers, traders and airdrop farmers – here are a few of the largest winners. pic.twitter.com/E9S1z8JHIr
— Arkham (@arkham) February 3, 2024
A Blockchain Revolution
In mid-2024, Solana controlled approximately 40% of blockchain operations. Due to its successful market behaviour, Solana will become one of the significant crypto platforms moving forward.
1/ 2024 is the year of Solana
The network is strong heading into 2024, with recent reports highlighting the 2500+ developer community, 40.7 million daily user transactions, & mature tooling.https://t.co/ZHlK9M8cUk
This is why Solana is the place to build in 2024
— Solana (@solana) January 11, 2024
Conclusion
Solana’s comeback in 2024 is a testament to the power of adaptability and community-driven initiatives in crypto. From leveraging the popularity of memecoins to airdrops, Solana has shown that it can turn adversity into opportunity. The crypto industry will experience significant changes as Solana implements successful strategies. Solana offers trading opportunities that people interested in crypto should look into.
Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted risk tolerance levels of the writer/reviewers, and their risk tolerance may differ from yours. We are not responsible for any losses you may incur due to any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments, so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.
The post Solana’s Comeback: From Crypto Collapse to Powerhouse – Part 1 appeared first on Altcoin Buzz.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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