Solana prices rose 11% on the day, returning to the all-time high last visited three years ago.
Solana breaks all-time high on Coinbase, 2 years after FTX catastropheNEWS
Solana finally hit a new all-time high on Nov. 22, two years after the collapse of the FTX exchange that sent prices of the layer-1 blockchain token tumbling.
Solana prices $SOL R$ 1,483.34
reached $264.31 on Coinbase on Nov. 22, according to TradingView. The move follows an impressive 11% gain in the past 24 hours.
SOL has been one of the best performing altcoins this year, having gained 160% since the start of 2024.
The asset fell to a cycle low of just under $10 in December 2022 following the collapse of former FTX CEO Sam Bankman-Fried's crypto empire.
Momentum for the asset was boosted by filings this week from Bitwise, VanEck, 21Shares and Canary Capital to issue spot Solana exchange-traded funds (ETFs).
Analysts have projected a value of $400 for SOL once the previous record high of $260 is surpassed.
Solana's popularity and demand for SOL have been driven primarily by memecoin speculation this cycle, as it is cheap and easy to create them on the network.
Decentralized finance (DeFi) on Solana has also seen impressive growth, gaining over 500% in terms of total value locked this year, which has now reached $8.8 billion, according to DefiLlama.
Solana-Based DApps Rake Record Fees as Memecoin Frenzy Returns
The promise of more cryptocurrency-friendly regulation under President-elect Donald Trump has buoyed crypto markets in recent weeks, pushing the total market cap to a record $3.42 trillion on Nov. 22.
Altcoin momentum was also boosted by the announcement of SEC Chairman Gary Gensler’s resignation in January. During his tenure, Gensler has frequently stated that every crypto asset except Bitcoin
$BTC R$ 572,918, was a security.$XRP
R$8.51 is also performing well, with a 27% increase to reach US$1.40 during early trading on November 22. Cardano ADA R$5.93 and Avalanche AVAX R$242.56
were also posting double-digit gains at the time of writing.
