Solana

Donald Trump

Avalanche

Solana finally broke a new record high on Nov. 22, two years after the FTX exchange collapsed and pulled down prices of the layer-1 blockchain token.&nbsp;
Solana (<a data-ct-non-breakable="null" href="https://cointelegraph.com/solana-price-index" rel="null" target="null" text="null" title="null">SOL</a>) prices tapped $264.31 on Coinbase on Nov. 22, <a data-ct-non-breakable="null" href="https://www.tradingview.com/chart/?symbol=COINBASE%3ASOLUSD" rel="null" target="null" text="null" title="null">according</a> to TradingView. The move follows an impressive 11% gain over the past 24 hours.
SOL has been one of the better-performing altcoins this year, having gained 160% since the beginning of 2024.&nbsp;
The asset fell to a cycle low of just under $10 in December 2022 after the collapse of former FTX CEO Sam Bankman-Fried’s crypto empire.&nbsp;
<figure>
 <img alt="Solana" src="https://s3.cointelegraph.com/uploads/2024-11/019351df-6bea-7e26-bf03-714a9a0aaeb3" title="">
 <figcaption style="text-align: center;">
 SOL/USD on Coinbase. Source: Tradingview
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</figure>
Momentum for the asset has been driven by <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/solana-etf-issuers-file-19b-4-gary-gensler-resign-january" rel="null" target="null" text="null" title="null">filings</a> this week from Bitwise, <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/odds-favor-solana-etf-2025-van-eck" rel="null" target="null" text="null" title="null">VanEck</a>, 21Shares and Canary Capital to issue spot Solana exchange-traded funds.&nbsp;
Analysts have <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/solana-price-targets-400-after-monthly-cup-and-handle-breakout-analyst" rel="null" target="null" text="null" title="null">targeted</a> a high of $400 for SOL once the previous all-time high of $260 was overcome.&nbsp;
Solana’s popularity and demand for SOL have been primarily driven by memecoin speculation this cycle since it is cheap and easy to mint them on the network.&nbsp;
Decentralized finance (DeFi) on Solana has also seen impressive growth, gaining more than 500% in terms of total value locked this year, which has now reached $8.8 billion, <a data-ct-non-breakable="null" href="https://defillama.com/chain/Solana" rel="null" target="null" text="null" title="null">according</a> to DefiLlama.&nbsp;
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/memecoin-frenzy-sees-solana-based-dapps-rake-in-record-fees" rel="null" target="null" text="null" title="null">Solana-based DApps rake in record fees as memecoin frenzy returns</a>
The promise of friendlier crypto regulation under President-elect Donald Trump has ignited crypto markets over the past couple of weeks, driving total market capitalization to an all-time high of $3.42 trillion on Nov. 22.&nbsp;
Altcoin momentum has also been driven by the <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/sec-chair-gary-gensler-step-down" rel="null" target="null" text="null" title="null">announcement</a> of SEC Chair Gary Gensler’s resignation in January. During his tenure, Gensler regularly asserted that every crypto asset aside from Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price%20" rel="" target="_self" text="null" title="https://cointelegraph.com/bitcoin-price ">BTC</a>) was a security.&nbsp;
XRP (<a data-ct-non-breakable="null" href="https://cointelegraph.com/xrp-price-index" rel="null" target="null" text="null" title="null">XRP</a>) is also performing well, with a 27% surge to top out at $1.40 during early trading on Nov. 22. Cardano (<a data-ct-non-breakable="null" href="https://cointelegraph.com/ada-price-index" rel="null" target="null" text="null" title="null">ADA</a>) and Avalanche (<a data-ct-non-breakable="null" href="https://cointelegraph.com/avalanche-price-index" rel="null" target="null" text="null" title="null">AVAX</a>) were also seeing double-digit gains at the time of writing.&nbsp;
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/bitcoins-100k-taxman-btc-commodity-china-vitalik-moo-deng-asia-express/" rel="null" target="null" text="null" title="null">Bitcoin’s $100K push wakes taxman, Vitalik visits real Moo Deng: Asia Express</a>

Solana breaks all-time high on Coinbase, 2 years after FTX catastrophe

Cointelegraph

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