SOLANA'S SOL SURGES TO RECORD HIGH OF $264: POSSIBLE REASONS
- Solana’s $SOL token surged to an all-time high of $264.31 on Nov. 22, marking a significant recovery.
Possible Reasons:
- Big players like Bitwise, VanEck, and 21Shares are moving towards spot Solana ETFs, creating optimism in the market.
- Solana’s decentralized finance (DeFi) ecosystem has grown by 500% this year, with $8.9 billion in total value locked.
- With Pumpfun, a wave of memecoin speculation has boosted $SOL, thanks to its low cost and easy minting process.
- Crypto markets are rallying on the back of a friendlier regulatory environment under President-elect Donald Trump, alongside the resignation of SEC Chair Gary Gensler.
- After the FTX collapse in late 2022, SOL dropped to under $10. However, it has risen by 360% in the past year.
