Solana (SOL) price rises as airdrops attract new users to the network

Over the past six months, blockchain projects that have issued token airdrops have reemerged. Most notably, the airdrops of MEME and Uniswap's UNI will be remembered, as recipients were rewarded with gains ranging from $20,000 to $600,000 simply for holding the tokens.

One competitor that has seen numerous projects launch with airdrops in the past three weeks is Solana, an open-source project that focuses on utilizing blockchain technology to provide decentralized finance (DeFi) solutions.

SOL/USDT 4-hour chart. Source: TradingView