Orhan 
Recently, one of the most notable developments in the cryptocurrency market has been the dramatic rise in Solana (SOL) prices. As of November 22, SOL reached $264.31, hitting its all-time high for the first time in three years. With an 11% daily increase, this surge is the latest in Solana’s 160% growth in 2024. However, this success is not just explained by price charts. Solana’s rise carries a broader story behind it.
Rebirth After the FTX Collapse
Solana suffered a major blow at the end of 2022 with the collapse of the FTX exchange. The widespread loss of trust in the crypto market, especially in connection with FTX’s strong ties to Solana, heavily impacted the token. Its price plummeted below $10, raising concerns among investors. However, this crisis also marked a turning point for Solana. The developer community and the team behind the project took significant steps to strengthen the technology infrastructure and expand use cases on the chain.
ETF Applications and Investor Confidence
One of the major reasons behind the recent rise is the ETF applications focused on Solana. Financial giants such as Bitwise, VanEck, 21Shares, and Canary Capital submitted applications for spot Solana ETFs. This development sparked expectations that Solana could become a more accessible investment vehicle. Considering the historical effects of ETF approvals on the crypto market, the impact on prices cannot be ignored.
The Contribution of Decentralized Finance (DeFi)
Solana has become an indispensable platform for DeFi projects, thanks to its speed and low transaction costs. According to DefiLlama’s data, Solana’s total value locked (TVL) in the DeFi ecosystem grew by over 500% this year, reaching $8.8 billion. This growth has been supported by an increase in active users on the chain and the addition of new projects to the ecosystem.
What About the Memecoin Craze’s Effect on Solana?
The recent surge in Solana’s price has also been driven by speculation around memecoin projects. Various memecoin projects developed on the platform have not only increased transaction volumes but also boosted demand for SOL. This shows that Solana can host not only serious projects but also fun, community-focused initiatives.
Macroeconomic and Political Effects
Macroeconomic and political developments have also supported the rise in the crypto market. Donald Trump’s crypto-friendly regulatory promises in the U.S. presidential election generated great optimism among investors. Meanwhile, SEC Chairman Gary Gensler’s announcement that he would resign in January fueled expectations that regulatory pressure on assets other than Bitcoin would decrease. Thanks to these favorable winds, the total market cap of cryptocurrencies reached a historical peak of $3.42 trillion on November 22.
Is $400 Possible?
According to analysts, surpassing Solana’s previous peak opens the door to new targets. Many experts predict that the price could reach $400 in the coming period. These predictions are based not only on price movements but also on Solana’s strong infrastructure and innovative projects.
Solana continues to be one of the stars of the crypto world, not just because of its price increase but also due to its technology and innovation-driven growth. Its recovery after the FTX collapse and the subsequent record-breaking performance serve as an important example of the resilience of blockchain projects. Solana’s journey offers valuable lessons for both investors and the broader crypto ecosystem.
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