Solana: the price of SOL is one step away from its all-time high recorded in 2021

The crypto market rally has also driven up the price of Solana (SOL), which is close to its all-time high recorded in 2021. In the last seven days, SOL has experienced a price pump of +36%, rising above $220. 

Solana: the price of SOL records a pump of +36% in the last 7 days

The crypto rally triggered by the victory of Donald Trump in the 2024 USA Presidential elections has also influenced Solana (SOL).

At the time of writing, the price of SOL is $222 and it is in a pump of +36% over the last 7 days. 

This price is also at less than 20% of its all-time high of $260 reached in November 2021, a full three years ago. 

Even in terms of market capitalization, SOL is the fourth crypto in the overall ranking, 105.66 billion dollars of market cap. 

In reality, Solana has surpassed BNB (which slipped to fifth place in the ranking) starting from November 6. Currently, the market cap of BNB is 94 billion dollars. 

Moving on to the last 24 hours, then, while the price of SOL is in a bull pump of +8%, the transaction volume has increased by 23% for a total of 10.86 billion dollars traded. 

Solana: the price of SOL a step away from the all-time high and other growth indicators

In addition to the general crypto rally, the current price increase of SOL may also be partly due to its achievements in the DeFi, NFT, and memecoin sectors. 

In fact, as of today, the Total Value Locked – TVL – of Solana is 7.8 billion dollars, according to data from DefiLlama. This is a record for Solana since December 2021.

In the field of dApp, then, there are Jito, Raydium, Drift, and Binance’s liquid staking that are contributing significantly to the 36% growth in deposits. 

Speaking of memecoins, the Solana ecosystem welcomes some of the most famous ones like Dogwifhat (WIF) and Bonk (BONK), respectively in fourth and fifth place in the memecoin ranking by market cap.

Both WIF and BONK are experiencing significant price pumps. At the time of writing, WIF is worth $3.20 and is in a price pump of +57% compared to seven days ago. BONK, on the other hand, is worth $0.000033 and is in a pump of 75% compared to a week ago. 

Also in terms of Non-Fungible Token, Solana is recording further increases. In the last 30 days, Magic Eden, the main NFT marketplace of Solana, registered 77,160 addresses while OpenSea on Ethereum only 37,940 active addresses in the same period.

These are just some data that might suggest that Solana could soon reach and surpass its historical price high. 

The payment system also supports Bitcoin, Ethereum, and Layer 2 solutions

Precisely during the USA 2024 presidential elections, Solana Pay had announced that it had expanded its support for Bitcoin (BTC), Ethereum (ETH), and Layer 2 solutions.

In practice, the payment system built on Solana’s blockchain has begun its expansion, to offer greater flexibility to its users. In fact, anyone who purchases in stores with Solana Pay can now choose the crypto they wish to use.

Thanks to the expansion, Solana Pay is running to become one of the most relevant platforms in the digital payments landscape.