In October 2024, Solana delivered one of the most striking runs in crypto: SOL hit a record high against ether and outperformed bitcoin as an explosive frenzy around AI-powered memecoins, together with surging network revenues, pulled traders onto the blockchain. The market has moved a long way since then, so here is what powered that rally — and where Solana stands in 2026.

Key Takeaways

• Solana was the best-performing asset in the CoinDesk 20 Index through the rally week, advancing 11% while bitcoin declined 2.5% and ether dropped 3.5%.
• Measured over seven days, SOL climbed 19% while bitcoin rose just 0.8%, according to Fortune.
• AI-powered memecoins such as ArbDoge AI, Zerebro and MANEKI fueled speculative demand and community engagement on the network.
• Solana generated $4.1 million in protocol revenue over the period, a 62% quarter-over-quarter increase.
• By early June 2026, SOL was trading at $81.89, well below its rally levels — though by late September 2026 network revenue had rebounded to a six-month high.

Solana’s Record Run Against Ether and Bitcoin

During the rally week in October 2024, Solana stood alone at the top of the broad market. It was the best-performing asset in the CoinDesk 20 Index, advancing 11%, while the market’s largest assets went the other way: bitcoin declined 2.5% and ether dropped 3.5% over the same stretch.

Measured over a full seven days, the gap looked even wider: Fortune reported that Solana was up 19% while bitcoin was up just 0.8%, crediting the AI memecoin frenzy for the surge. At the height of the move, SOL was trading at $174.30 per token, and its market capitalization expanded from $68 billion to $75.3 billion.

The AI Memecoin Frenzy

The catalyst behind the outperformance was a wave of AI-powered memecoins — tokens blending artificial intelligence themes with internet culture — trading on Solana. Projects highlighted at the time included ArbDoge AI, Harambe, Zerebro and MANEKI, which combined humor, algorithm-generated token characteristics and community-driven development models.

Several features made the trend especially potent on Solana: low-barrier entry for retail participants, rapid social media traction, and viral, community-driven marketing. Investors viewed the platform’s high-speed transaction processing and low-cost infrastructure as critical enablers of this token ecosystem.

Surging Revenues Behind the Speculation

The rally was not built on speculation alone. Solana generated $4.1 million in protocol revenue during the period, a 62% quarter-over-quarter increase, driven by transaction fees, network utilization and an expanding ecosystem of decentralized applications.

Underpinning that revenue is the network’s technical capacity: Solana offers 65,000 transactions per second of processing capability, sub-second transaction confirmation times, and minimal fee structures compared with competing blockchain platforms.

Where Solana Stands in 2026

The frenzy did not last. The memecoin boom gave way to a slump, and by early June 2026 the broader market was under pressure: CoinDesk reported that bitcoin fell 4.6% over seven days to $73,397, ether lost the same 4.6% to $1,996, and solana slid 3.7% to $81.89, as spot ETF outflows hit a record. That left SOL well below the $174.30 level seen during its October 2024 rally.

The revenue side of the story has proved more resilient. As of late September 2026, Solana’s network revenue had climbed to a six-month high, with its Real Economic Value reaching the highest weekly level since January and reversing the months-long decline that followed the memecoin slump.

What It Means for Investors

Solana’s October 2024 run showed how quickly a combination of technological capability and speculative excitement can reprice a network, while the 2026 rebound in network revenue shows on-chain activity returning after the slump. The episode captures both sides of the asset: a blockchain with genuine throughput and fee revenue, and a token whose price can swing dramatically with speculative cycles. Anyone weighing SOL should keep both in view.

Frequently Asked Questions

Why did Solana outperform bitcoin and ether in October 2024?

A frenzy around AI-powered memecoins concentrated trading activity on Solana at the same time its protocol revenue was climbing. During the rally week, SOL advanced 11% as the best performer in the CoinDesk 20 Index while bitcoin and ether both declined.

What are AI memecoins?

AI memecoins are tokens that combine artificial intelligence themes with internet meme culture, often using algorithms to generate token characteristics and leaning heavily on community-driven development. Examples highlighted on Solana during the rally included ArbDoge AI, Harambe, Zerebro and MANEKI.

Has Solana held on to its October 2024 gains?

No. By early June 2026, SOL was trading at $81.89, far below the $174.30 seen during the rally. Network revenue, however, rebounded to a six-month high by late September 2026.