Solana finally broke its all-time high on November 22, two years after the FTX exchange collapsed and slashed the price of its layer-1 blockchain token.
According to TradingView, the price of Solana (SOL) hit $264.31 on Coinbase on November 22nd. This move follows an impressive 11% gain over the last 24 hours.
SOL has been one of the best-performing altcoins this year, with gains of 160% since the start of 2024.
The asset fell to cycle lows below $10 in December 2022 following the collapse of former FTX CEO Sam Bankman-Fried’s cryptocurrency empire.
SOL/USD on Coinbase. Source: TradingView
Momentum for the asset was driven this week by filings from Bitwise, VanEck, 21Shares and Canary Capital to launch a spot Solana exchange-traded fund.
Analysts have targeted a high of $400 for SOL after overcoming the previous all-time high of $260.
The popularity and demand for Solana’s SOL was primarily driven by speculation that it would be a cheap and easy memecoin to create on the network.
Solana’s decentralized finance (DeFi) has also seen impressive growth this year, with overall locked value increasing more than 500% this year, now reaching $8.8 billion, according to DefiLlama.
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President-elect Donald Trump’s promise of friendlier cryptocurrency regulation has ignited the cryptocurrency market over the past few weeks, pushing total market capitalization to a record high of $3.42 trillion on November 22.
The altcoin momentum was driven by SEC Chairman Gary Gensler’s announcement of his resignation in January. During his tenure, Gensler regularly argued that all cryptocurrencies except Bitcoin (BTC) are securities.
XRP (XRP) also performed well, surging 27% in early trading on November 22 to reach $1.40. Cardano (ADA) and Avalanche (AVAX) are also seeing double-digit gains as of this writing.
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