- Some market analysts have predicted that SOL will also cross the $400 mark after the news of making a new all-time high burst out.
- The crypto market is excited and as of today, the overall market capitalization of the industry has also reached its all-time high of $3.42 trillion.
- In December 2022, following the collapse of FTX, the price of SOL was affected adversely and the price went as low as $10.
On November 22, Solana made history by breaking a new record high. The record has been made after almost two years when the FTX exchange went bankrupt resulting in the dragging down of prices of the layer-1 blockchain token.
The data from CoinMarketCap shows that the price of Solana recorded today went to $264 showing a significant 11% gain in the last 24 hours. This year came with a good fortune for Solana as it has gained more than 160% since the start of this year.
FTX Collapse adversely affected Solana
In December 2022, following the collapse of FTX, the price of SOL was affected adversely and the price went as low as $10. It is speculated that the upward trajectory of price is a result of various filings by platforms such as Bitwise, VanEck, 21Shares, and Canary Capital to issue spot Solana exchange-traded funds.
Some market analysts have predicted that SOL will also cross the $400 mark after the news of making a new all-time high burst out. The increased popularity and demand for SOL is a result of the token being cheap and easy to mint over the network.
DefiLlama, a DeFi TVL aggregator has reported that the Decentralized finance (DeFi) on Solana has crossed $8.8 billion and has significantly gained more than 500% in the total value locked in 2024.
The Excitement of the Crypto Industry
The overall crypto market has witnessed a positive trend after Donald Trump was elected for the post of President for the second time. The crypto market is excited and as of today, the overall market capitalization of the industry has also reached its all-time high of $3.42 trillion.
Another reason for the excitement of the industry is the announcement of the resignation of the Chairman of the Securities and Exchange Commission on January 20th. During the tenure of Gensler, he has investigated a lot of companies and has imposed securities lawsuits. And, the industry claimed it was unnecessary. So, many market people were expecting the Chair to leave his position.
On November 22, Cardano and Avalanche witnessed a significant gain and XRP has also performed well after gaining more than 27% and stood at $1.40 as of now.
