%Cryptocurrency %Solana (CRYPTO: $SOL) is enjoying a breakout rally and is outperforming both %Bitcoin (CRYPTO: $BTC) and %Ethereum (CRYPTO: $ETH) as the hype around %ArtificialIntelligence (A.I.) %MemeCoins grows.
While most cryptocurrencies have seen their price slump over the past week, Solana has risen 11% and is outperforming most other digital coins and tokens.
Solana is currently trading at $174.30 U.S. per token, having risen 450% in the past 12 months.
The rally has pushed Solana to a record price against rival Layer-1 network Ethereum, surpassing the 0.064 level for the first time ever.
At the same time, Solana has reached its highest price against Bitcoin in more than two months.
Solana’s price is trending higher amid a resurgence in speculative activity related to memecoins and rising bullish bets on crypto derivatives markets.
Most memecoins, and those associated with A.I., are centered around Solana’s decentralized finance (DeFi) protocols, giving a boost to the cryptocurrency.
The latest trend of A.I. agents pumping memecoins is also based largely on the Solana network.
Analysts say that A.I. memecoins have gained significant attention over the past two weeks, with many tokens reaching a market cap of more than $100 million U.S.
The current memecoin frenzy has driven blockchain activity on Solana to fresh highs, with network revenues from transaction fees surpassing $4 million U.S. per day, a tenfold increase since early September lows this year.
In recent days, open interest on the Solana futures markets climbed to over 18 million tokens, or $3.09 billion U.S., the highest amount since January 2023.
Open interest refers to unsettled futures bets or the total amount of funds allocated in open futures contracts. It helps determine whether new money is entering the marketplace.