- Solana’s price reaches $264.31, marking a significant recovery since its 2022 low of under $10.
- Recent filings for spot Solana ETFs and DeFi growth fuel market optimism.
- Broader altcoin rally driven by anticipation of crypto-friendly regulation under President-elect Trump.
Solana’s native token, SOL, climbed to $264.31 on November 22, setting a new all-time high. This surge comes nearly two years after the token faced a sharp downturn following the collapse of FTX.
Factors Fueling Solana’s Growth
The asset’s recent rally reflects an 11% gain over the past 24 hours, building on its 160% rise since the start of 2024. Market momentum has been driven by new filings from firms like Bitwise, VanEck, and 21Shares to launch spot Solana exchange-traded funds (ETFs).
Additionally, the Solana blockchain has seen growing popularity in decentralized finance (DeFi), with total value locked (TVL) increasing by more than 500% this year to $8.8 billion, according to DefiLlama. This surge has been complemented by speculative interest in memecoins minted on the network, known for its low costs and efficiency.
Source: TradingView
Broader Crypto Market Surge
The overall cryptocurrency market has reached new highs, with total market capitalization hitting $3.42 trillion. Market sentiment has been buoyed by the anticipation of regulatory changes under President-elect Donald Trump, including the announced resignation of SEC Chair Gary Gensler, who had frequently classified many crypto assets as securities.
Solana’s strong performance and expanding ecosystem signal a renewed investor interest in blockchain applications and the broader crypto market heading into 2024.
