After three long years, Solana has officially surpassed its all-time high price, setting a new milestone above 260 USD last Thursday.
This morning, Solana conquered a record price of 260 USD, according to data from TradingView, continuing its strong growth trend after Donald Trump's election victory earlier this month.
This increase also comes just after news that Gary Gensler, Chairman of the U.S. Securities and Exchange Commission (SEC), who has been leading the investigations into the crypto industry, will resign on January 20, 2025, when Donald Trump takes office.
SOL increased by 11% in a day, 23% in the past week, and 55% in the month. To better understand Solana's remarkable growth, the token's increase over the past year has reached 386%, more than four times its value during that period.
Solana first reached its historic high price in 2021, attracting significant attention as a fast and cheaper competitor to Ethereum. However, this excitement gradually waned in the following year, as the crypto market plunged into recession and faced technical issues, including network downtime.
Ultimately, SOL dropped to nearly 8 USD by the end of 2022 following the collapse of the FTX exchange, due to the close ties between Solana and this company along with the infamous founder Sam Bankman-Fried.
After surviving a near-fatal blow in 2022, Solana is benefiting from multiple catalysts, including lively memecoin trading activity and a surge in decentralized finance (DeFi) on the network, as well as growing interest from institutions.
Meanwhile, developers continue to build on this platform, striving to improve stability, and Solana Labs is also expanding into mobile hardware and applications.
Not only Solana, but Bitcoin also just set a new all-time high, surpassing nearly 74,000 USD on election day and continues to maintain strong momentum, exceeding 99,300 USD for the first time on Thursday morning.
