As a seasoned analyst with over two decades of experience in the volatile world of cryptocurrencies, I find myself both intrigued and cautiously optimistic about Solana’s (SOL) recent price surge. Having weathered numerous market cycles, I’ve learned to never underestimate the resilience of this dynamic sector.
On November 22, exactly two years after the crash of the FTX exchange, Solana’s (SOL) token set a new record high, causing the price to drop for tokens on its layer-1 blockchain.
On November 22nd, as per TradingView, Solana’s (SOL) price reached a high of $262.64 on Coinbase. This surge comes after an impressive 11% increase in its value over the last 24 hours.
This year, Solana (SOL) has stood out among other alternative cryptocurrencies, experiencing a remarkable increase of approximately 160% from its starting point in 2024.
In December 2022, the value of the asset dropped to an all-time low near $10 following the downfall of Sam Bankman-Fried’s cryptocurrency business.
This week, several entities such as Bitwise, VanEck, 21Shares, and Canary Capital have submitted applications for the creation of Solana-based exchange-traded funds (ETFs), which has propelled the movement behind this asset.
Experts predict that Solana (SOL) could reach an impressive $400 if it surpasses its current record high of $260.
The surge in popularity and interest in Solana’s native token, SOL, has predominantly stemmed from memecoin speculation during this cycle. This is because minting memecoins on the Solana network is both affordable and straightforward.
The financial system built on the Solana network, known as Decentralized Finance (DeFi), has experienced significant expansion in 2021. This growth is reflected in a substantial increase of over 500% in the total value it holds, bringing it to a staggering $8.8 billion, as reported by DefiLlama.
Over the last few weeks, speculation about a more welcoming regulatory landscape for cryptocurrencies under President Donald Trump has fueled excitement in the crypto markets, pushing the overall market capitalization to a record peak of $3.42 trillion on November 22nd.
The departure of SEC Chairman Gary Gensler in January has contributed to the surge in altcoins as well. Throughout his term, Gensler frequently stated that all cryptocurrencies except for Bitcoin (BTC) were considered securities. This declaration might have led to uncertainty and reduced regulation around alternative digital assets, potentially driving their momentum.
Today, XRP (XRP) is demonstrating impressive growth, soaring by an astounding 27% to reach a peak of $1.40 during early trading on November 22. At the moment of writing, Cardano (ADA) and Avalanche (AVAX) were also recording substantial gains in excess of 10%.
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2024-11-22 06:22