Solana (SOL) has made a significant comeback, surging past $200, a level it hasn’t reached in seven months, as major cryptocurrencies rally in the wake of Donald Trump’s recent election win.
Bitcoin also hit a new all-time high of $76,849 before stabilizing slightly, while Ethereum saw a modest boost to $2,911.
Solana’s rapid climb of 22.8% over the past week reflects renewed optimism in the crypto market and strong growth across decentralized finance (DeFi) projects.
This rally in crypto prices parallels the gains in U.S. stocks, with the S&P 500 and Nasdaq Composite both hitting record highs.
Investors are speculating that Trump’s election win could prompt more favourable crypto regulations, sparking excitement over a possible Solana-based exchange-traded fund (ETF) in the U.S.
Such an ETF could make it easier for traditional investors to gain exposure to Solana, adding another boost to its market appeal.
Solana’s rise is especially notable as it recently overtook Binance Coin (BNB) to become the fourth-largest cryptocurrency, even though it’s still about 22.5% below its all-time high of $259.59 reached in 2021.
Its recent surge has been supported by increased activity on its blockchain, especially through meme tokens and decentralized exchanges like Raydium, which saw over $30 billion in trading volume last month.
October marked a high point for Solana’s active monthly addresses, reaching 123 million users.
Coinbase’s recent announcement to bring Wrapped Bitcoin (WBTC) to the Solana network is also contributing to the network’s growth by allowing users to interact with DeFi applications in new ways.
Furthermore, Solana’s staking program, offering returns of around 6.5% with nearly 67% of its supply staked, is drawing more investors looking for yield opportunities.
