Solana sets all-time high of $263

SOL has climbed more than 2,000% in the past two years

November 22, 2024 05:08 am

Dennis G Zill/Shutterstock and Adobe modified by Blockworks

SOL reached a new all-time high of $263 more than three years after it last peaked, according to data from CoinGecko.

Solana’s native token price fell dramatically amid the FTX exchange’s unwinding, briefly trading in the single digits in late 2022. SOL then endured a sluggish 2023, as the SEC made the argument that SOL was a security, creating regulatory fears around the asset. But after a year of explosive growth, a resurgent Solana has climbed all the way back to become one of only a few major cryptoassets to set a price record this market cycle.

Two years ago today, SOL was changing hands for a little under $12. The asset has appreciated by more than 2,000% since then.

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In recent weeks, user demand to include transactions in Solana blocks has skyrocketed amid explosive growth in the memecoin trading sector. Solana memecoins attached to AI agent projects began the uptick, and Donald Trump’s presidential election victory turbocharged it.

Moonpay, a popular fiat to crypto on-ramp, said it saw an all-time record for Solana transactions on the platform Tuesday.

Solana’s “real economic value” metric — which largely comprises extra money traders will pay to get transactions processed faster — totaled a record of over $100 million-worth last week, as measured by Blockworks Research.

Source: Blockworks Research

So-called REV can be thought of as a proxy for Solana blockspace demand, and the metric was under $10 million weekly just two months ago.

Based on the past few days, Solana’s REV could approach $200 million this week.

Further fueling the recent rise was speculation on Thursday that the chances of a SOL ETF being approved by the SEC under a Trump administration are higher than previously thought.

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