Solana ($SOL ) Breaks Record After Two Years: A Phenomenal Rise
Solana ($SOL ) has reached a new all-time high, surpassing $264 on November 22, marking a significant milestone after two challenging years.
Key Highlights:
All-Time High Achieved: According to Coinbase, Solana reached $264.31, reflecting an 11% gain in the past 24 hours and a remarkable 160% increase in 2024.
Recovery from FTX Collapse: Solana’s price rebounded strongly after falling below $10 in December 2022 during the collapse of Sam Bankman-Fried's FTX empire. Positive developments around memecoins and FTX news contributed to its resurgence.
Analysts Target $400: Experts suggest that Solana could aim for $400 if it sustains its momentum and breaches the $260 resistance level.
Factors Driving Solana’s Growth:
1. ETF Filings: Recent spot Solana ETF applications from Bitwise, VanEck, 21Shares, and Canary Capital have provided significant institutional backing, boosting investor confidence.
2. Memecoin Craze: Solana has capitalized on the memecoin trend, leveraging its low-cost and efficient network to attract a growing user base.
3. DeFi Expansion: Solana’s decentralized finance (DeFi) ecosystem has flourished, with its total value locked (TVL) rising over 500% in 2024 to $8.8 billion, according to DefiLlama.
Resilience and Future Potential:
Despite significant challenges over the past two years, Solana’s recovery in 2024 has been remarkable. Factors such as ETF filings, the memecoin boom, and DeFi growth continue to bolster its price and market standing. Analysts remain optimistic about Solana’s potential for further growth, with its strong fundamentals and increasing demand driving bullish sentiment.
As Solana charts its next steps, investors are closely watching its journey toward the $400 target.