Solana (SOL) has finally broken its all-time high price record, setting a new milestone above $260 on Thursday. The jump happened following news that Gary Gensler, the SEC Chairman, will resign in January 2025. SOL is up 11% on the day, 23% over the last week, and 55% on the month. The token’s one-year surge currently stands at 386%, more than quadrupling in value during that span.
Solana surged to its previous high-price peak back in 2021 as a faster and cheaper rival to Ethereum, but the buzz cooled the following year due to a crypto bear market and technical issues, including downtime for the network. Eventually, SOL plunged to a price of nearly $8 before the end of 2022 following the collapse of crypto exchange FTX, as Solana was closely aligned with the company and its founder, Sam Bankman-Fried.
Solana has made strides in the two years since then, however, with developers making efforts to boost stability and Solana Labs expanding its efforts into mobile phone hardware and apps.
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