Solana’s native token (SOL) continues its impressive rally, climbing to a new record high of $263. This marks a significant milestone in its recovery from a devastating crypto winter that saw SOL’s price collapse by more than 95%, bottoming out at $8 in late 2022. The latest surge represents an 11% gain over the past 24 hours and an astonishing 360% increase year-over-year.
This rally is fueled by a combination of factors. Solana has seen a spike in meme coin trading and a resurgence in decentralized finance (DeFi) activity on its blockchain. Institutional interest in Solana is also growing, particularly as the odds of a U.S.-based spot Solana ETF improve under the anticipated crypto-friendly Trump administration.
The upcoming resignation of SEC Chairman Gary Gensler and reported negotiations between the SEC and potential Solana ETF issuers further bolster optimism for the token. This resurgence comes two years after the collapse of Sam Bankman-Fried’s FTX and Alameda Research, which were major backers of the Solana ecosystem.
Read more about how Solana is positioning itself as a competitor to Ethereum in institutional circles.
