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Solana: After renewing its historic high, can SOL rise even higher?
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The cryptocurrency Solana (SOL) surpassed its all-time high on Thursday night (21), reaching a new record of US$262.93 amid a strong rally in the crypto market that follows the re-election of Donald Trump as president of the United States United.
According to data from CoinGecko, the cryptocurrency registered a 6% increase in the last 24 hours, trading above US$259. The previous record, of US$259.96, had occurred on November 6, 2021.
Solana rose to prominence in 2021 as a faster and cheaper alternative to Ethereum. However, it suffered a sharp decline, trading at US$8 at the end of 2022, impacted by the collapse of FTX and subsequent shocks to the market.
The recent historic milestone comes as the crypto market as a whole benefits from positive expectations with the incoming US administration seen as favorable to the sector. In this scenario, other cryptocurrencies also recorded significant gains. Bitcoin, for example, has repeatedly broken records. Additionally, XRP reached its highest high in three years following the announcement of Gary Gensler’s departure as chairman of the US Securities and Exchange Commission (SEC).
History and Context
This Solana price increase may also be related to the fact that the SEC is evaluating proposals for Solana exchange-traded funds (ETFs), according to sources cited by Fox News journalist Eleanor Terrett.
Additionally, experts highlight increased activity in the Solana ecosystem, driven by decentralized applications (dapps) and the revival of memecoins such as Dogwifhat (WIF) and Peanut the Squirrel (PNUT). According to analyst Rachael Lucas, from BTCMarkets, these initiatives contributed to an increase in transaction volume and user engagement.
Lucas also pointed out that Solana dapps attracted around $173 million in institutional investments in the third quarter of 2024. This represents 54% growth compared to the previous quarter.
“While Ethereum faces challenges with high fees and competition from second-layer solutions, Solana positions itself as an attractive alternative. With this, it consolidates its dominance in the market”, stated Lucas.
Solana: After renewing its historic high, can SOL rise even higher?
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Solana: After renewing its historic high, can SOL rise even higher?
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Solana: After renewing its historic high, can SOL rise even higher?
