Written by: 1912212.eth, Foresight News
The speed at which Solana reached new historical highs has far outpaced Ethereum. This morning around 11 o'clock, SOL broke through $260, reaching a new historical high. Its market capitalization has surpassed $122.5 billion, making it the second public chain to exceed $100 billion after Ethereum.
Under the leadership of SOL's rising trend, various ecological projects have also seen explosive growth. The re-staking protocol JTO surged over 24%, now priced at $3.4. The DEX protocol RAY rose over 12%, now priced at $6.2, and JUP rose over 7%, now priced at $1.1.
SOL has been reborn from the bottom of the last bear market, rising from a low of $8 to the present, yielding over 30 times returns. What has SOL done?
Overall Data Performance
Currently, Solana has carved out its own path, not only having representative ecological projects in AI, DeFi, and staking, but also showing commendable overall data performance.
Solscan data shows that Solana's TPS is currently fluctuating around 3000, with network performance remaining relatively stable.
As a key indicator, the active address wallets also performed remarkably well. Although the market started to decline since the big trend began mid this year, it has evidently not had much negative impact on the number of active wallets on Solana, which has surged from 1 million to a peak of 8.8 million.
In terms of activity, after a brief low tide, there has been a rapid rebound, with the number of new accounts now exceeding 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 has also indirectly boosted the demand for SOL, leading to an increase in coin prices.
The above chart shows that since September this year, the number of priority trading fees has surged from around 3000 to 55000, a 15-fold increase, which is a true reflection of investors' enthusiasm for memes on the Solana chain.
As of now, according to CoinmarketCap data, the market capitalization exceeding $1 billion includes BONK, WIF, POPCAT, PUNT, while those in the range of $100 million to $1 billion include: GOAT, MEW, BOME, ACT, LUCE, ai16Z, MICHI, and dozens more, significantly outperforming Ethereum and the later Base chain.
The Solana spot ETF is expected to pass.
After the approval of the Ethereum spot ETF in mid this year, many investors have high hopes for Solana's spot ETF as well. In August, the SEC rejected Cboe's submission for the Solana spot ETF 19b-4 application, and related applications have cooled down.
On November 21, FOX Business reporter Eleanor Terrett stated that according to two informed sources, 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 sources indicated that it is 'very likely' that exchange representatives will see some 19b-4 documents submitted by potential issuers in the coming days, which is also the next step in the ETF approval process.
With the crypto-friendly Trump about to take over the White House, past stringent regulations may loosen. On November 22, official US news stated that SEC Chairman Gary is set to officially resign on January 20, which happens to be the same day Trump is inaugurated.
Notably, Chris Giancarlo, known as the 'Crypto Godfather', has become a popular contender for the new SEC chairman. 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 deep insights into the development of Web3 and digital currencies, having participated in multiple discussions about cryptocurrencies, central bank digital currencies (CBDCs), and stablecoins, emphasizing the importance of these emerging technologies and financial tools for the future.
Bloomberg senior ETF analyst Eric Balchunas has stated: 'The changes in the new US president and the leadership of the SEC could make anything 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 stating that the second phase of the current bull market has begun, and it is time to lock in targets. The final price target at the bull peak is usually difficult to predict, so he provided some price ranges at the end of this cycle based on the assumption of 'Trump winning the election and the US economy achieving a soft landing'. Specific range:
BTC: $100,000 - $200,000;
ETH: $4000 - $6000;
SOL: $500 - $1000;
Total crypto market capitalization: $5 trillion - $10 trillion.
VanEck: Optimistic about SOL reaching $330 this round.
US asset management giant VanEck also expressed optimism about Solana. In a report dated September 25, VanEck predicted that Solana's price would reach $330, soaring to 50% of Ethereum's market value at that time.
