Yigit Taha OZTURK 
Solana’s SOL token soared by 11% in the past 24 hours, surpassing its previous all-time high and reaching over $263, fueled by a prolonged crypto market rally following Donald Trump’s re-election as U.S. president.
Solana traded at $263, breaking its previous all-time high of $259.96, recorded on November 6, 2021, per CoinGecko data. Solana has rebounded significantly since its decline to $8 in late 2022, triggered by the FTX collapse.
The market rally has lifted not only Solana but also other major cryptocurrencies. Bitcoin hit new all-time highs, and XRP surged to a three-year high following SEC Chair Gary Gensler’s resignation announcement.
Ecosystem Growth and Institutional Interest
Solana’s rise is also driven by its dynamic ecosystem, which has seen a resurgence in decentralized application (dapp) activity and the revival of memecoins like Dogwifhat (WIF) and Peanut the Squirrel (PNUT).
Crypto analyst Rachael Lucas from BTCMarkets highlighted that Solana’s dapps attracted $173 million in institutional funding during Q3 2024, marking a 54% quarter-on-quarter increase. This growth positions Solana as a viable alternative to Ethereum, which continues to struggle with high fees despite advancements in Layer 2 solutions.
The SEC has reportedly begun reviewing S-1 applications for spot Solana exchange-traded funds (ETFs), further signaling institutional interest in the blockchain.
You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.