Reddit discussions around Solana (SOL) have been vibrant, with users debating its current role in the crypto market. A notable comparison has been drawn between Solana and Binance Smart Chain (BNB), with some users suggesting that Solana is now experiencing a phase similar to BNB's 2020-2021 meme coin boom. One user noted, "Solana is doing what Binance, Tron, Ethereum, and L2s are doing combined," highlighting its growing transaction volume and adoption. Another user pointed out, "Solana had 54 million daily transactions, the most transaction ever in crypto's history," emphasizing its increasing usage and potential.
The discussions also touched on the risks and strategies associated with trading on Solana. Many users advised caution, especially for newcomers, with one stating, "If you don't have the money to lose, rule #1 is don't put it into crypto." Others shared their experiences with meme coins, warning about the potential for scams and the importance of doing thorough research. A user shared, "Meme coins pump for no other reason than sentiment in the community," advising against emotional trading and emphasizing the need for a disciplined approach.
Solana's current price is $238.88, reflecting a 3.46% increase from the previous close of $230.89.