Originally published on: November 22, 2024
Solana soared to new heights on Nov. 22, achieving a record high two years after the FTX exchange debacle caused a dip in prices for the layer-1 blockchain token.
Trading on Coinbase showed Solana’s prices reaching $264.31 on Nov. 22, with an impressive 11% increase over the previous 24 hours.
This year, SOL has outperformed many other altcoins, boasting a 160% gain since the start of 2024.
After plummeting to a low of nearly $10 in December 2022 due to the collapse of former FTX CEO Sam Bankman-Fried’s crypto empire, Solana has made a remarkable comeback.
The recent surge in SOL’s value can be attributed to the filings made by Bitwise, VanEck, 21Shares, and Canary Capital to launch spot Solana exchange-traded funds.
Experts predict that SOL could reach as high as $400 once it surpasses its previous all-time high of $260.
The surge in Solana’s popularity and SOL’s demand can be largely attributed to memecoin speculation, as the network makes it easy and affordable to create them.
DeFi on Solana has also experienced significant growth this year, with a more than 500% increase in total value locked, reaching $8.8 billion, according to DefiLlama.
As the crypto markets are set ablaze by the promise of a more crypto-friendly regulatory environment under President-elect Donald Trump, total market capitalization hit an all-time high of $3.42 trillion on Nov. 22.
Altcoin momentum is on the rise following the news of SEC Chair Gary Gensler’s resignation in January. Gensler’s strict stance that every crypto asset, except for Bitcoin, was a security had put a damper on the market.
In addition to Solana’s success, XRP, Cardano, and Avalanche are also performing well, with significant gains in early trading on Nov. 22.
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