Solana, a leading player in the crypto market, has recently achieved its all-time high price on Coinbase, recovering fully after a significant plunge two years ago when the FTX exchange collapsed. On November 22nd, Solana’s prices reached an impressive $264.31, marking a noteworthy 11% gain over the past 24 hours.
Emblematic of its rebound, SOL has stood out among altcoins, increasing by an impressive 160% since the beginning of 2024. This comes after a severe drop in December 2022 due to the dissolution of Sam Bankman-Fried’s crypto venture, FTX, which brought the SOL asset down to a mere $10.
A filing submitted by 21Shares, Bitwise, Canary Capital, and VanEck, proposing to issue spot Solana exchange-traded funds, has significantly bolstered the cryptocurrency’s momentum. After surpassing the previous all-time high of $260, analysts are now setting their sights on Solana reaching a new target of $400.
The growing popularity of Solana and the increasing demand for SOL can be credited to the rise of ‘memecoin’ speculation during this cycle, given the ease of minting these tokens on the Solana network. In addition, the platform’s Decentralized Finance (DeFi) sector has expanded greatly, with a total value locked increase of over 500% this year, taking the tally to $8.8 billion.
Market optimism has been further stoked by the prospect of more relaxed regulations under President-elect Donald Trump. The crypto market capitalization has hit a record $3.42 trillion on November 22nd as a result. Meanwhile, efforts to enhance the platform’s stability and expand into mobile phone hardware and apps have helped to solidify Solana’s position.
That being said, Solana is not alone in achieving record highs in the crypto market. On Election Day, Bitcoin managed to surpass its previous peak of $74,000, further amassing to reach a remarkable $98,000. This acceleration in altcoin momentum has also been fueled by the announcement of the resignation of SEC Chair Gary Gensler, who had maintained that all crypto assets, barring Bitcoin, operated as securities.