In this round of cryptocurrency market's bull market carnival, Solana (SOL) has become a veritable 'dark horse'. On November 21 at 11 AM, the price of SOL broke through 260 dollars, hitting a historic high, with a total market value soaring to 122.5 billion dollars, becoming the second public chain to enter the 100 billion dollar market value club after Ethereum. This not only demonstrates Solana's strong resilience in technology but also indicates that it is becoming an undeniable force in the market.

Ecosystem Explosion: From DeFi to Meme, Solana Leads in Multiple Fields

The continuous rise of SOL has injected strong momentum into its ecosystem, leading to explosive growth in various projects:

  • Re-staking Protocol JTO: 24-hour increase of over 24%, current price 3.4 dollars;

  • DEX Protocol RAY: Up 12%, current price 6.2 dollars;

  • JUP Protocol: Up 7%, current price 1.1 dollars.

From the low point of 8 dollars in the last bear market to now, the return of SOL has exceeded 30 times, making it a true 'rebirth' of the market.

From a data perspective, Solana's network performance and user activity are equally impressive. According to Solscan data, the current TPS (transactions per second) of the network remains stable at around 3000. Even more surprising is that the number of active wallet addresses has surged from 1 million at the beginning of the year to 8.8 million, with new account numbers exceeding 20 million. This data indicates that despite occasional market fluctuations, Solana's user stickiness and growth potential remain strong.

Meme Wave: The Hidden Driving Force of SOL

If the last bull market was the stage for DeFi, this one undoubtedly belongs to the meme wave. Solana's performance in the meme ecosystem has been phenomenal, with its on-chain priority transaction fees skyrocketing from 3000 to 55000 since September this year, a 15-fold increase. This trend not only reflects user enthusiasm but also directly boosts the demand for SOL.

According to CoinMarketCap data, meme projects on the Solana chain are emerging like mushrooms after the rain:

  • Star projects with a market value exceeding 1 billion dollars: BONK, WIF, POPCAT, PUNT;

  • Quality projects with a market value of 100 million to 1 billion dollars: GOAT, MEW, BOME, LUCE, etc.

The wealth effect of this wave of memes has not only increased the attention on ecological projects but also solidified Solana's king status in the meme field.

The Dawn of Spot ETFs: Can SOL Sprint to Success?

With the approval of the Ethereum spot ETF in the middle of this year, the market has begun to place high hopes on the Solana spot ETF. Although in August, the SEC rejected the 19b-4 application submitted by Cboe, recent developments have brought a turnaround.

On November 21, according to FOX Business reporters, the SEC is in negotiations with issuers hoping to launch a SOL spot ETF and has reached the stage of processing the S-1 application. Insiders have revealed that within the next few days, exchange representatives may submit the 19b-4 document, indicating that the ETF approval process is entering a critical juncture.

Greater positives come from the potential changes in the U.S. political environment. In January 2024, Trump is expected to retake the White House, coinciding with the departure of SEC Chairman Gary Gensler. The market widely speculates that the new SEC chairman may be more friendly to the cryptocurrency industry. Chris Giancarlo, known as the 'crypto godfather', is a popular candidate; he previously promoted the digital dollar plan and holds an open attitude towards Web3 and digital assets.

Institutional Outlook: The Future Height of SOL

U.S. asset management giant VanEck predicted in a report this September that the price of Solana could soar to 330 dollars, reaching 50% of Ethereum's current market value. Senior ETF analyst Eric Balchunas from Bloomberg also stated that the changes in the leadership of the new U.S. government and SEC would make 2025 a 'possible year' for the cryptocurrency industry.

From ecological construction to technological innovation, from meme trends to the potential approval of spot ETFs, Solana is constantly breaking its own boundaries. Whether you believe in long-term value or chase short-term wealth effects, Solana is a cryptocurrency superstar that cannot be ignored. In the future, this 'king of on-chain memes' may not only catch up with Ethereum but truly pave its own era.
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