Solana ($SOL ) renewed its ATH by climbing above $264 on November 22.

According to the Coinbase system, Solana broke a new record of 264.31 on November 22. This move came in line with an 11 percent increase in the last 24 hours. Since the course of 2024, the SOL price has shown a remarkable performance by increasing by 160 percent. Solana took a technological dive by falling below $10 in December 2022 with the collapse of FTX CEO Sam Bankman-Fried's crypto empire. Later, the start of the memecoin craze in Solana and positive news from FTX took the price to the top.

Analysts set a $400 target for Solana (#SOL )

Solana's rise was supported by the spot Solana exchange-traded fund (ETF) applications made this week by Bitwise, VanEck, 21Shares and Canary Capital. Analysts predict that Solana could target $400 if the previous 260-article peak is breached.

Solana’s popularity and demand for SOL is largely linked to the memecoin trend. The Solana Network is attracting consumers by introducing the easy and cheap possibilities offered by memecoins.

Decentralized finance (DeFi) activities on Solana have also seen impressive growth this year. According to DefiLlama data, Solana’s total value locked (TVL) has increased by more than 500% this year to reach 8.8 billion.

Despite the challenges experienced over the past two years, Solana has staged a strong recovery in 2024 and attracted exhibitor participation. Factors such as ETF filings, memecoin hype, and DeFi growth continue to support the price. Analysts believe that Solana has the potential for further growth.

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