Solana has sustained its rally over the past 24 hours despite a downturn in the broader cryptocurrency market.

According to The Block's Price Page, SOL, the native token of the Solana network, experienced an increase of 5% in the past 24 hours. While the broader cryptocurrency market capitalization experienced a downturn of over 2% in the past day, the altcoin is defying the downtrend and maintaining its weekly rally, according to CoinGecko data.

Solana-based memecoins driving market activity

Much of the market activity on Solana is focused on the network's memecoins. All of the top four memecoins by market cap on the blockchain have posted impressive gains in the past 24 hours. Dogwifhat has gained 28%, Bonk is up 12%, and Myro and Popcat have increased by 27% and 67%, respectively. …