The number of active wallet addresses on Solana has soared from 1 million in May to now 8.8 million.
Written by: 1912212.eth, Foresight News
The speed at which Solana reached a new all-time high has already far surpassed Ethereum. This morning around 11 am, SOL broke $260, setting a new all-time high, with a market cap exceeding $122.5 billion, becoming the second public chain after Ethereum to enter the $100 billion club.
Under the leading momentum of SOL's price surge, various ecological projects have also witnessed a major outbreak. The re-staking protocol JTO has surged over 24%, currently priced at $3.4. The DEX protocol RAY has risen over 12%, currently priced at $6.2, and JUP has risen over 7%, currently priced at $1.1.
SOL has risen from the bottom of the last bear market, having fallen to a low of $8, and has now surged to over 30 times its initial value. What has SOL really achieved?
Overall data performance
Currently, Solana has carved out its own path, not only having representative ecological projects in AI, DeFi, and staking, but its overall data performance is also commendable.
According to solscan data, Solana's TPS currently fluctuates around 3000, with network performance remaining relatively stable.
As a key indicator, the number of active wallet addresses has also performed quite well. Although the market has been in a downward trend since the mid-year rally, it has clearly not had much negative impact on the number of active wallet addresses on Solana, which has soared from 1 million to a peak of 8.8 million.
After a brief low period, activity levels have quickly rebounded, with the number of new accounts rising to over 20 million.
Meme Wave
'Not playing memes on Solana is like not playing DeFi in the last cycle.'
It can be said that the meme wave of this bull market is happening on Solana, giving rise to countless wealth effects and meme projects. As the native token for purchasing memes, the market's demand for memes indirectly boosts the demand for SOL, thereby raising its price.
The above image shows that since September of this year, the number of priority trading fees has risen from around 3000 to now 55000, a surge of 15 times, and this part of the priority trading fees is a true reflection of investors' enthusiasm for memes on the Solana chain.
As of now, according to CoinmarketCap data, those with a market cap exceeding $1 billion include BONK, WIF, POPCAT, PUNT, while those in the $100 million to $1 billion range include GOAT, MEW, BOME, ACT, LUCE, ai16Z, MICHI, and dozens more, far surpassing Ethereum and later entrants like the Base chain.
The SOL spot ETF is expected to be approved.
After the approval of the Ethereum spot ETF in the middle of this year, the Solana spot ETF has also been highly anticipated by many investors. In August, the SEC rejected Cboe's submission of Solana's spot ETF 19b-4 application, and related applications have cooled down.
As of November 21, FOX Business reporter Eleanor Terrett stated that, according to two insiders, negotiations between SEC staff and issuers wishing to launch a SOL spot ETF have made progress. The SEC is currently processing the S-1 application for the SOL spot ETF. These insiders indicated that it is 'very likely' that in the coming days, exchange representatives will see potential issuers submit some 19b-4 documents, which is the next step in the ETF approval process.
After the crypto-friendly Trump is set to take office, past strict regulations may be relaxed. On November 22, official news from the US stated that SEC Chairman Gary is set to officially resign on January 20, the same day as Trump's inauguration.
It is noteworthy that Chris Giancarlo, known as the 'Crypto Godfather,' has become a popular contender for the new SEC chairman position, as Trump's transition team is considering appointing this new government position. Chris Giancarlo is the former chairman of the US Commodity Futures Trading Commission (CFTC) and one of the founders of the Digital Dollar. He has in-depth insights into the development of Web3 and digital currencies. He has participated in multiple discussions on cryptocurrencies, Central Bank Digital Currencies (CBDCs), and stablecoins, emphasizing the importance of these emerging technologies and financial instruments for the future.
Bloomberg senior ETF analyst Eric Balchunas once stated: 'The changes in the new US president and the leadership of the SEC could make everything possible in 2025.'
How much can Solana rise?
Trader Eugene: SOL price between $500 and $1000
At the end of September this year, top trader Eugene Ng Ah Sio posted on social media that the second phase of this bull market has begun, and it's time to lock in targets. The final price target for the bull market is usually hard to predict, so he provided some price ranges for the end of this cycle, based on the assumption of 'Trump winning the election and a soft landing for the US economy.' Specific ranges:
BTC: $100,000 - $200,000;
ETH: $4000 - $6000;
SOL: $500 - $1000;
Total crypto market cap: $5 trillion - $10 trillion.
VanEck: Optimistic that SOL will reach $330 in this round.
US asset management giant VanEck also expressed optimism about Solana, predicting in a report on September 25 that Solana's price will reach $330, soaring to 50% of Ethereum's market cap at that time.
