Solana Reaches New All-Time High After FTX Collapse Dropped Its Price to $10
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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.
What’s Driving Solana’s Momentum?
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.
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