Solana's SOL has reached a new peak of 0.05797 against Ethereum, as per Tradingview data. This surge accompanies its recent climb past $200 for the first time since November 2021, coinciding with a record-breaking network activity. This surge has pushed Solana's market cap to over $91 billion, solidifying its spot as the fourth-largest digital asset by market cap. Currently, Solana is trading at $207 according to CryptoSlate.

Solana's rise is attributed to strong network activity, notably fueled by the meme coin craze. DeFillama data reveals that Solana's decentralized exchanges (DEX) trading volume hit around $2.8 billion in the past day, surpassing Ethereum-based DEX figures.

This isn't the first time Solana has outpaced Ethereum's DEX volume in recent months. Additionally, the top three DEXs by volume—Raydium, Jupiter, and Orca—are Solana-based, collectively controlling over 40% of the market share. Solana also leads in daily active addresses, with over 2 million interacting with the blockchain, according to Artemis data. Despite the high activity, Solana's network fees remain low compared to Ethereum and its layer-2 networks using Blobs.

With a median gas fee of $0.0028, Solana's fees are notably cheaper than Ethereum's layer-2 networks, even after Ethereum's recent fee reduction upgrade. This could position Solana-based projects as attractive alternatives to Ethereum-based ones.