Solana saw a 6.2% increase in the past 24 hours, surpassing the $200 mark. On the same day, Bitcoin also hit an all-time high of $76,873. This surge was driven by a market rally triggered by former U.S. President Donald Trump’s election victory. Bitcoin added 0.6% to trade at $75,984, while Ethereum rose 3.4% to $2,911.
Stock markets also benefited from this rally. The S&P 500 rose 0.7%, and the Nasdaq Composite gained 1.5%, both closing at record highs as U.S. stock markets extended their post-election rally.
Min Jung, a research analyst at Presto Research, explained the reasons behind the rally: “Trump’s election victory created expectations for a more crypto-friendly administration, and the FOMC results also pushed stocks to new highs.”
Solana: Strong Fundamentals and High Activity
Solana has become a standout cryptocurrency recently. Jung noted that Solana has been boosted by strong memecoin activity, which has sometimes led it to surpass Ethereum in transaction fees. Additionally, decentralized exchanges like Raydium have become key components of the Solana ecosystem.
In October, Solana reached an all-time high of over 123 million active addresses. This reflects the massive increase in transaction volume on the Solana network. The rise of pump.fun tokens has driven significant growth in DEX volume, with Raydium recording $30 billion in trading volume last month.
The recent price surge of Solana has been further supported by expectations of more crypto-friendly policies as Trump returns to the White House. However, Jung believes the price movements are primarily driven by strong fundamentals and continued high on-chain activity. Jung said, “While there is hope for an ETF approval, this will take time. Right now, expectations for favorable policies toward digital assets are driving up asset prices, especially in projects like Solana, where there is a strong community of holders.”
The Future of Solana and Expectations
Solana shows promise for future growth with its strong community and developing ecosystem. Trump’s election victory has boosted optimism around more favorable policies for crypto, particularly for projects like Solana. However, it remains to be seen whether these hopes will materialize into concrete developments.
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