Solana’s price surged 11% on the day, returning to its all-time high from three years ago.
Solana (SOL) finally hit a new high on November 22, two years after the FTX exchange crash that caused the first-layer blockchain token price to plummet.
According to TradingView data, Solana (SOL) price hit $264.31 on Coinbase on November 22. Prior to this, it had risen 11% in the past 24 hours.
SOL has been one of the better performing altcoins this year, up 160% since the beginning of 2024.
The asset fell to a cycle low just below $10 in December 2022 following the collapse of former FTX CEO Sam Bankman-Fried’s crypto empire.
SOL/USD on Coinbase. Source: Tradingview
This week, Bitwise, VanEck, 21Shares, and Canary Capital filed applications to launch spot Solana exchange-traded funds, boosting momentum for the asset.
Once the previous all-time high of $260 is breached, analysts are targeting SOL’s price at highs of $400.
Solana’s popularity and demand for SOL has been primarily driven by memecoin speculation this cycle, as it is cheap and easy to mint them on the network.
Decentralized finance (DeFi) on Solana has also seen impressive growth, with total value locked increasing by more than 500% this year to $8.8 billion, according to DefiLlama.
The premise of a friendlier regulatory environment for cryptocurrencies under Donald Trump has ignited the cryptocurrency market over the past few weeks, pushing the total market capitalization to a new all-time high of $3.42 trillion on November 22.
The momentum for altcoins was also boosted by the resignation of SEC Chairman Gary Gensler in January. During his tenure, Gensler often claimed that every crypto asset except Bitcoin (BTC) was a security.
XRP is also performing well today, surging 27% to a high of $1.40 during early trading on November 22. Cardano ADA and Avalanche are also seeing double-digit gains at the time of writing.
