Solana is a blockchain platform which uses a proof-of-stake mechanism to provide smart contract functionality. Its native cryptocurrency is SOL.
Solana was launched in 2020 by Solana Labs, which was founded by Anatoly Yakovenko and Raj Gokal in 2018.
The blockchain has experienced several major outages, was subjected to a hack, and a class action lawsuit was filed alleging that Solana sells unregistered securities, and misled investors about the number of tokens.
The SEC has also filed a lawsuit against a cryptocurrency exchange alleging that Solana should be regulated as a security.
Solana’s total market cap was US$55 billion in January 2022. However, by the end of 2022, this had fallen to around $3 billion following the bankruptcy of FTX. Following the general rise of the cryptocurrency market in 2023, its market cap rose to $7 billion.
Solana’s Market Cap
The value of Solana tokens has fluctuated greatly since the system’s inception. The market capitalization of the Solana blockchain surpassed $63 billion in September 2021, and reached $74 billion in early November 2021, having risen by nearly 12,000% that year to a price of $259.96.
The blockchain’s popularity at this time was due in part to interest in NFTs. As of Dec 20, 2025, Sol reaches $92 Billion by Market Cap while the coin’s price is around $192.