SOL rebounds 4.3%, surpassing $180 after LIBRA fallout

Solana briefly crossed over the $180 threshold after it rose by 4.3%. This is the first time SOL has gone over $180 since its LIBRA-induced slump.

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, right before it plummeted even further below $170. It experienced a brief rebound of 4.3% around 09:30 UTC, but has since retracted slightly to around $178.

According to data from crypto.news, Solana has gone up by nearly 3% in the past 24 hours. The token is currently trading hands at $178.79. In the past month, Solana has been in a slump, going down by more than 30%.

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

Not only that, Solana also made a comeback in terms of trading volume. According to DeFi Llama, Solana has reclaimed the top spot among the DEX chains with $2.3 billion, surpassing Binance Smart Chain (BNB), Ethereum (ETH) and Base (BASE). After Feb. 18, Solana lost its spot as the largest chain by DEX volume for two days in a row.

The recent collapse of the Solana-based meme coin LIBRA (LIBRA), promoted by Argentinian President Javier Milei, proved disastrous to the Solana ecosystem and the meme coin market as a whole. The token crashed by 95% in the first few hours after its launch. LIBRA’s market cap fell by $4.4 billion in the same time span.

According to Nansen’s report, Solana’s liquidity suffered due to LIBRA’s downfall, with liquidity outflows spiked from $12.1 billion to $8.29 billion. After LIBRA’s collapse, Solana also experienced a 15% drop in value, as many investors began to doubt the future issuance and sustainability of trading meme coins.