Solana (SOL) has recorded a new All-Time High (ATH) at the price of over $263, continuing to ride the wave of the bull run of the crypto market. The performance of SOL in this 2024 has seen the price increase by 375% compared to a year ago.
Solana and the new ATH above $263: the price performance of SOL
In the last 24 hours, Solana (SOL) has recorded its new All-Time High (ATH) or historical price maximum, surpassing the threshold of $263.
The previous ATH of SOL was recorded in November 2021, a good three years ago, at the price of $249. The current bull run of the crypto market has also influenced the fourth crypto by market capitalization, establishing its new record.
This milestone was reached after a pump of +8% in the last 24 hours and +24% in the last seven days. Not only that, SOL’s performance in this 2024 has seen the price increase by 375% compared to a year ago.
At the time of writing, SOL is worth $259 and has a total market cap of $123.38 billion, which is approaching the $130 billion of Tether (USDT), the first stablecoin in the world, as well as the third crypto in the ranking.
At the beginning of 2023, the price of SOL had instead fallen to its minimum of just above $10, as a consequence of the collapse of the crypto-exchange FTX that occurred in November 2022.
Today, unlike that period, there are several good encouraging news for Solana that have seen the enthusiasm of crypto-investors.
Solana and its new ATH: the latest crypto news in favor of SOL
Solana is experiencing a great period of potential prosperity. In fact, there is a good chance that the USA spot SOL ETFs might be approved soon.
Just yesterday, Gary Gensler, Chairman of the Securities and Exchange Commission (SEC) officially submitted his resignation and will leave his position on January 20, 2025.
At the same time, the Cboe BZX Exchange has submitted four 19b-4 requests for the listing of Solana spot Exchange-Traded Funds (ETFs). If approved, the SOL spot ETFs from Bitwise, VanEck, 21Shares, and Canary Capital will be listed on the BZX exchange of the Chicago Board Options Exchange.
Obviously, in this period of change in the USA, the final decision will be postponed to January 2025, when the pro-crypto Donald Trump will begin his second term as President of the USA.
Beyond the future of SOL, its current ATH also stems from the success that the crypto project is achieving during this period.
In fact, in terms of DeFi, Solana is experiencing impressive growth. According to DefiLlama, the Total Value Locked (TVL) of Solana has reached 8.8 billion dollars, gaining more than 500% in the last year.
The memecoin and the crypto-wallet Phantom
To fuel the current success of the Solana ecosystem, the memecoins and its best crypto-wallet Phantom have also played a part.
In fact, just yesterday, the Chillguy meme crypto based on Solana blockchain was analyzed, which saw its value increase by 2000% and reach a market capitalization of 455 million dollars.
Not only that, another success is the one that the best crypto wallet on Solana, Phantom Wallet, is having. Just yesterday there was talk of its climb in the ranking of the top free apps for iPhone, which saw it place fourth, surpassing the apps of giants like Google, TikTok, and WhatsApp.
