Solana Hits New All-Time High Two Years After FTX Crash
Date: 2024-11-22 Author: Oliver Abernathy Categories: CRYPTO PAYMENTS
The price of the blockchain’s first-layer Solana token (SOL) hit a new all-time high on November 22, hitting $264.31 on Coinbase, according to TradingView. That jump was followed by an 11% gain in the past 24 hours, cementing SOL’s place as one of the best-performing altcoins of 2024. The asset is up 160% year-to-date.
Solana’s price hit a low of under $10 in December 2022 after the collapse of Sam Bankman-Fried’s crypto empire. However, the current momentum suggests a significant recovery.
One of the factors that has spurred interest in Solana is the filing this week from Bitwise, VanEck, 21Shares, and Canary Capital for spot ETFs focused on SOL. Analysts suggest that breaking the previous record of $260 could pave the way for a price of $400.
The popularity of the Solana network this year is largely due to the active use of the platform for creating memecoins. The low cost and ease of issuing tokens have made Solana attractive for this category of projects.
In addition, the decentralized finance (DeFi) space on Solana has seen rapid growth. According to DefiLlama, the total value locked (TVL) has increased by more than 500% in a year, reaching $8.8 billion.
The total crypto market capitalization reached a record $3.42 trillion on November 22. One of the reasons was the growing expectations of more favorable cryptocurrency regulation under the leadership of Donald Trump.
Adding to the boost for altcoins was the announcement of SEC Chairman Gary Gensler's resignation in January. Gensler has repeatedly stated that all crypto assets except Bitcoin are securities, causing concerns in the market.
