Solana Rebounds Above $180 After LIBRA-Induced Slump, Reclaims Top DEX Spot

On Feb. 21, Solana (SOL) reached a daily high of $180.19. The last time the token reached beyond the $180 threshold was on Feb. 18

Solana (SOL) price briefly crossed over the $180 threshold on Feb. 21 after rising by 4.3%. This marks the first time SOL has traded above $180 since the token took a hit following the launch of the meme coin LIBRA.

Solana (SOL) reached a daily high of $180.19 on Feb. 21. The last time the token traded above the $180 threshold was on Feb. 18, before the token slid even lower below $170. However, SOL experienced a brief rebound of 4.3% at around 09:30 UTC but has since retraced slightly to around $178.

According to data from crypto.news, Solana has seen a gain of nearly 3% over the past 24 hours. The token is currently changing hands at $178.79. Notably, Solana has been in a slump over the past month, with the token’s price decreasing by over 30%.

Solana's market capitalization currently stands at $87 billion, with a fully diluted valuation of $105 billion.

Furthermore, Solana has also made a comeback in terms of trading volume. According to DeFi Llama, Solana has once again claimed the top spot among the DEX chains with $2.3 billion, surpassing Binance Smart Chain (BNB), Ethereum (ETH) and Base (BASE). Following Feb. 18, Solana lost its position as the largest chain by DEX volume for two consecutive days.

The recent launch of the Solana-based meme coin LIBRA (LIBRA), championed by Argentinian President Javier Milei, had a catastrophic impact on the Solana ecosystem and the meme coin market. The token crashed by 95% within the first few hours after its launch. In the same time frame, the market capitalization of LIBRA decreased by $4.4 billion.

As reported by Nansen, Solana's liquidity took a hit following the LIBRA collapse, with liquidity outflows spiking from $12.1 billion to $8.29 billion. Post-LIBRA collapse, Solana also experienced a 15% decrease in value as investors began to question the future issuance and sustainability of trading meme coins.