• Solana (SOL) price hit $214, a level not seen since December 2021, marking a nearly 2,500% rise since its post-FTX collapse low in 2022
• The surge is attributed to optimism over a Trump administration and potential SEC approval of a Solana spot ETF
• Other major cryptocurrencies like Bitcoin also experienced significant price rallies following Donald Trump’s re-election as US President
Solana has seen tremendous growth recently, with its price reaching heights not seen since 2021. This comes after a difficult 2022 when the coin tumbled following the collapse of crypto exchange FTX.
Solana’s Recent Price History
In early 2022, Solana fell fast as the crypto bear market took hold. Things got even worse in November 2022 when FTX collapsed, hurting Solana more than other major coins due to its close ties to FTX and founder Sam Bankman-Fried. SOL plunged to $8.30, which some saw as an existential crisis.
But Solana started recovering in early 2023, hitting $100 by year’s end. Now in 2024, SOL has surged to over $210, marking a nearly 2,500% rise since its 2022 low. On Sunday it reached $214, its highest price since December 2021 when it was coming down from its all-time high of around $260.
Driving Factors Behind the Surge
The crypto market overall has pumped since the 2022 U.S. election, with Bitcoin hitting new all-time highs. But Solana has outpaced many coins. There is optimism that a new SEC head under President Trump could pave the way for Solana ETF approvals and put to rest allegations that SOL is an unregistered security. This apparent regulatory clarity has fueled major gains for SOL.
Looking Ahead
It remains to be seen whether Solana can reclaim its all-time high above $260. But for now, SOL continues riding high on regulatory optimism and broader crypto market momentum. Solana has made a remarkable recovery from its existential crisis in late 2022, providing a blueprint for how crypto assets can rebound after major setbacks. With tailwinds like supportive regulation and rising adoption, Solana appears poised for more growth ahead.
