Fueled by long-term market gains and optimism following Donald Trump's re-election as U.S. president, Solana (SOL) hit an all-time high of over $264.
Solana reached an all-time high, rising 11% in the market rebound.
According to CoinGecko data, this cryptocurrency rose 11% in the past 24 hours, surpassing the previous record of $259.96 set on November 6, 2021.
Driven by expectations of a cryptocurrency-friendly Trump administration, the cryptocurrency market has been on an upward trend.
Before Solana's revival, Bitcoin had set a series of all-time highs, and XRP also reached a three-year high, coinciding with Gary Gensler's announcement of his resignation as chairman of the U.S. Securities and Exchange Commission (SEC).
The GMCI 30 index, which tracks the performance of the 30 largest cryptocurrencies, rose 8% in the past 24 hours and 46% in the past month, highlighting the overall momentum in the market.
Reports indicate that the SEC is in discussions with issuers regarding the application for a spot Solana exchange-traded fund (ETF), suggesting a potential approval from regulators.
These developments align with the growing popularity of Solana, with increasing activity in decentralized applications (dapps) and a gradual revival of memecoins like Dogwifhat (WIF) and Peanut the Squirrel (PNUT).
BTCMarkets cryptocurrency analyst Rachael Lucas stated: "The dapp ecosystem of Solana is thriving, attracting about $173 million in institutional funds in the third quarter of 2024, a 54% increase from the previous quarter."
Following the collapse of FTX and the subsequent market shock, Solana has made a significant recovery from its low of $8 in 2022.
Solana was once seen as an economically efficient and faster alternative to Ethereum, and it is now leveraging ecosystem growth and competitive advantages to solidify its position in the market.
Lucas added: "Despite Ethereum facing challenges such as rising fees and competition from layer 2 solutions, Solana continues to stand out as an attractive alternative."
With no signs of slowing down in the market rise and increasing institutional interest, Solana is expected to grow further in the coming months.
