Solana Price Reaches Three-Year High Following US Election

TLDR

• Solana (SOL) reached $214, highest price since December 2021
• Price represents 2,500% increase from post-FTX low of $8.30 in 2022
• Bitcoin surpassed $80,000 for first time amid Trump election victory
• Market optimism tied to potential ETF approvals under new administration
• Dogecoin and other meme coins also seeing major gains

Solana (SOL) has achieved a remarkable milestone, reaching $214 per coin on Sunday, November 10, 2024, marking its highest value since December 2021.

The price represents a stunning turnaround for the cryptocurrency, which had fallen to just $8.30 in late 2022 following the collapse of the FTX crypto exchange.

The digital asset has shown strong momentum over the past week, recording a 29% increase in value over seven days and a 44% gain over the past month.

While the current price of $210 represents a slight pullback from Sunday’s peak, it still puts Solana within 20% of its all-time high of approximately $260.

The broader cryptocurrency market has experienced substantial gains following Tuesday’s U.S. election results. Bitcoin, the leading cryptocurrency, broke through the $80,000 barrier for the first time in its history, reaching $80,137 on major exchanges.

The flagship cryptocurrency has continued its upward trajectory, pushing even higher to $81,000 by Sunday afternoon.

The election of pro-crypto candidate Donald Trump appears to have catalyzed the market’s movement. Investors are showing increased confidence in the potential for favorable regulatory treatment under the incoming administration, particularly regarding the approval of spot ETFs for various cryptocurrencies.

Solana Price on CoinGecko

Solana’s recovery is particularly noteworthy given its troubled history with FTX. The cryptocurrency faced severe challenges in November 2022 when FTX collapsed, largely due to its close associations with the exchange and its founder Sam Bankman-Fried. Many observers at the time questioned whether Solana could survive the crisis.

The first signs of recovery emerged in early 2023, but it wasn’t until the final quarter of the year that Solana began showing substantial progress. By the end of 2023, SOL had reached the $100 mark, setting the stage for its current rally.

Meme coins have also joined the market surge, with Dogecoin (DOGE) reaching $0.29, its highest level since October 2021. The popular meme coin has recorded a 27% increase over 24 hours, trading at $0.26 according to recent data.

The market’s optimism appears particularly focused on potential regulatory changes under the incoming administration. Investors are anticipating that a new Securities and Exchange Commission (SEC) head might take a more favorable stance toward crypto assets, potentially leading to the approval of spot Solana ETFs.

The current rally has helped dispel concerns about Solana’s classification as an unregistered security, a matter that had previously worried investors. The market appears to be betting that these regulatory challenges will be resolved under the new administration.

Looking at the technical aspects, Solana’s price movement represents a nearly 2,500% increase from its lowest point in 2022. This recovery has outpaced many other major cryptocurrencies, including Bitcoin, over the same period.

Trading volumes have remained robust throughout the rally, indicating strong market participation. The increase in value has been accompanied by growing activity on the Solana network, suggesting fundamental support for the price movement.

The cryptocurrency market’s overall strength is reflected in Bitcoin’s performance, which has set multiple all-time highs in recent days. Starting from just above $77,000, Bitcoin’s push past $80,000 represents another milestone in the current bull run.

Solana’s market performance has particular relevance given its position as a major smart contract platform. The network continues to host numerous decentralized applications and maintains high transaction volumes.

Data from CoinGecko shows that Solana’s trading patterns have remained steady despite the rapid price increases, with consistent buying pressure maintaining the upward trajectory.

The most recent data indicates that while Solana has pulled back slightly from its Sunday high of $214, it continues to trade above the $210 level, maintaining most of its recent gains.

The post Solana Price Reaches Three-Year High Following US Election appeared first on Blockonomi.