Solana surpassed its all-time high to set a new record late Thursday night, driven by a weeks-long market rally fuled by crypto proponent Donald Trump’s re-election as U.S. president.
According to The Block’s Solana price page, Solana added more than 11% in the past 24 hours to change hands at above $263. The crypto recorded its previous all-time high of $259.96 on Nov. 6, 2021, CoinGecko data shows.
Solana rose to prominence in 2021 as a cheaper and faster substitute for Ethereum, but plummeted as low as $8 around the end of 2022 as a result of the FTX collapse and the following market shock.
The token’s new all-time high took place as the overall cryptocurrency market rallied on the back of anticipation for the upcoming crypto-friendly U.S. administration under Donald Trump. Bitcoin repeatedly rewrote its all-time high following the election result, and XRP also hit its three-year high today after Securities and Exchange Commission Chair Gary Gensler announced his departure from the regulatory agency.
The Block’s GMCI 30 index, which measures the performance of top 30 cryptocurrencies, rose 8% in the past day and 46% over the past month.
The SEC is also “engaging” on S-1 applications for spot Solana exchange-traded funds, according to Fox News reporter Eleanor Terrett, citing two people familiar with the matter. A source at one issuer confirmed with The Block the SEC has started engaging with them on the matter.
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