Solana overtook BNB and returned to fifth place in the CoinMarketCap ranking

The price of the Solana blockchain token (SOL) has exceeded $180 for the first time since mid-February.

Since the sharp rise of the cryptocurrency market on May 8, it has gained about 30%, although in April it briefly fell below $100.

With a market capitalization of Solana above $94 billion, the token has once again surpassed BNB from Binance and secured fifth place in the overall CoinMarketCap ranking.

The historical maximum of SOL ($294) was recorded on January 19, the day of the launch of the meme coin TRUMP by Donald Trump's team.

Before being listed on regular exchanges, the TRUMP token could only be purchased through DEX platforms based on Solana, which likely boosted the demand for SOL itself, needed to pay fees.

Around the same time, the excitement around meme coins on Solana peaked: the Phantom wallet ranked in the top 20 of the American App Store, and up to 70,000 new tokens were launched daily through the PumpFun platform.

Since then, many of them have lost up to 90% from the January highs, but in May some have significantly rebounded in price.