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Home»ALTCOIN NEWS»SOL broke the $200 barrier as blockchain activity reached its peak.
ALTCOIN NEWS

SOL broke the $200 barrier as blockchain activity reached its peak.

By Crypto FlexsNovember 8, 20243 Mins Read
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SOL broke the 0 barrier as blockchain activity reached its peak.
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  • Solana price Exceeded $200 record trading volume.
  • Fed’s interest rate reduction and political development trigger optimism.
  • Solana ETF It could come in 2025.

The cryptocurrency market is entering a major bullish phase once again, with valuations hitting record highs. Bitcoin hit a new ATH of $76,943 following a surge in optimism about the recent US election.

Solana recently made even bigger gains, breaking above $200. This rise was accompanied by a surge in network activity due to anticipation of possible approval of the Solana ETF after the election.

Solana surpasses $200 with bullish momentum

Recent developments have pushed Solana to multi-year highs. On Friday, November 8, Solana reached $200 for the first time since November 2021, just before the FTX crash. Blockchain transaction volume has surged recently along with price increases.

Solana processed more than $2.28 billion in daily perpetual trading volume on November 6, according to data from DefiLlama. This increase in trading volume is due to increased activity on Solana-based decentralized exchanges (DEXs).

Exchanges such as Jito, Kamino, and Jupiter have seen significant surges in usage levels. In particular, Jito reported an 18.92% increase in trading volume over the past 7 days, while Kamino and Jupiter reported increases of 12.92% and 15.29%, respectively.

Monetary policy, elections boost Solana

The recent surge in Solana’s price and network activity followed optimistic election and monetary policy news. First, the Federal Reserve announced a 0.25% interest rate cut, which means borrowing costs will be lower.

Making easy money leads to more high-risk, high-growth assets like Solana. Low interest rates make risky investments relatively attractive, meaning more investors are willing to pursue them. This has led to an overall increase in cryptocurrency assets, including Solana.

At the same time, Solana benefited from former Donald Trump’s recent election victory. Trump has presented himself as a staunch defender of cryptocurrency assets. He also proposed firing current Securities and Exchange Commission (SEC) Chairman Gary Gensler. A change in SEC leadership could pave the way for the Solana Exchange Traded Fund (ETF), opening up SOL to institutional investors.

On the flip side

  • After recent Ethereum approval ETFS, Solana It was considered one of the biggest candidates for the next altcoin. ETF.
  • despite ETF optimismBlackRock experts say Solana. They suggested that there was little institutional interest beyond that. bitcoin And Ethereum.

Why This Matters

Recent performance strengthens Solana’s position as a top altcoin. The potential of the Solana ETF is also available to institutional investors with significant capital reserves.

Learn more about Solana EFT:
Why the Solana ETF may be closer than you think

Learn more about cryptocurrencies in China:
Cryptocurrency involved in Chinese corruption and espionage case

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