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Solana hits $264 as prices surpass FTX-era peak

Solana hits $264 as prices surpass FTX-era peak

GrafaGrafa2024/11/22 07:00
By:Mahathir Bayena

Solana (CRYPTO:SOL) reached a new all-time high of $264.31 on November 22, marking a significant recovery two years after the FTX (CRYPTO:FTT) collapse sent its value plummeting.

The milestone follows an 11% gain in 24 hours, according to TradingView data from Coinbase.

Since the start of 2024, Solana has surged 160%, recovering from its December 2022 low of under $10, which occurred during the fallout from FTX's bankruptcy.

The latest rally is attributed to momentum from recent filings by Bitwise, VanEck, 21Shares, and Canary Capital for spot Solana exchange-traded funds (ETFs).

Market analysts have set a target of $400 for SOL, fueled by its rising demand and ecosystem growth.

Solana’s popularity this cycle has been driven partly by memecoin speculation, as its network offers a cost-efficient and user-friendly platform for minting tokens.

Decentralised finance (DeFi) activity on Solana has also seen a significant boost, with total value locked (TVL) increasing over 500% this year to $8.8 billion, according to DeFiLlama.

The broader cryptocurrency market has been energised by anticipation of a friendlier regulatory environment under President-elect Donald Trump.

This sentiment pushed total crypto market capitalisation to a record $3.42 trillion on November 22.

The announcement of SEC Chair Gary Gensler’s resignation in January has also lifted altcoin markets, as Gensler’s tenure was marked by a stringent stance on crypto assets.

Other cryptocurrencies, including XRP (CRYPTO:XRP), Cardano (CRYPTO:ADA), and Avalanche (CRYPTO:AVAX), also posted strong gains.

XRP surged 27% to $1.40, while ADA and AVAX recorded double-digit increases.

At the time of reporting, the Solana (SOL) price was $261.04. 

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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