On November 22, Solana (SOL) achieved a new all-time high, marking a significant recovery two years after the collapse of the FTX exchange pushed the token’s price below $10 in December 2022.
The new record of $264.3 reflects an 11% increase in the last 24 hours and a remarkable 160% surge since the start of 2024. However, at the time of writing, the coin has shed a small portion of its gains and is trading at $260.
The recent surge in SOL’s value has been bolstered by applications from firms such as Bitwise, VanEck, 21Shares, and Canary Capital to launch spot exchange-traded funds (ETFs) for Solana. Analysts are now predicting a target price of $400, provided market strength continues.
The demand for Solana in this cycle is also fueled by its favorable infrastructure for meme coins, which makes mining cheap and efficient. Additionally, Solana’s decentralized finance (DeFi) sector has seen explosive growth, with its total value locked (TVL) increasing by over 500% this year, reaching $8.8 billion.
Bitcoin and other cryptocurrencies are facing significant downturns. Despite Donald Trump’s plans to build a Bitcoin reserve, Bitcoin (BTC) has struggled to make gains, remaining around the $80,000 mark.
The US Securities and Exchange Commission (SEC) has extended its timeline to decide on several cryptocurrency exchange-traded funds (ETFs), including those tied to XRP, Solana, Litecoin, and Dogecoin.
Financial giant Franklin Templeton, managing a staggering $1.53 trillion in assets, has officially entered the race to launch an XRP exchange-traded fund (ETF).
Ethereum’s recent market turbulence saw its price drop to a multi-month low, leaving many investors in losses.