Solana（SOL）after experiencing the winter of the cryptocurrency market, recently reached a historic high of $260. Behind this milestone are several factors working together, including expectations for the Solana ETF and improvements in network performance. The price of SOL has risen nearly 360% in the past year, showing strong market demand and investor confidence.
Key Points
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Solana's SOL has risen 11.12% in the last 24 hours and nearly 360% in the past year.
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The market capitalization of the token has reached $124 billion, with trading volume increasing by 75% in one day.
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Solana's total locked value (TVL) has grown by 3.17% in the past day, reaching $8.74 billion.
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The Solana ETF is expected to enter the U.S. stock market next year, and the market is confident about its approval.
SOL's Historic High
Solana's SOL token finally reached a historic high of $260 in November 2024 after experiencing the collapse of the crypto market in 2022. At this time, the trading price of SOL had exceeded $263, up 11% from the previous day. In the past year, the price of SOL has almost risen by 360%.
The achievement of this new high marks a strong recovery for Solana after the collapse of Sam Bankman-Fried's FTX and Alameda Research. At the end of 2022, the price of SOL once fell to $8, but it has now recovered to historic highs.
Market Dynamics
Solana's market performance is driven by several factors, including expectations for the Solana ETF. With the election of crypto-friendly Donald Trump, the market is confident about the approval of the Solana ETF. SEC Chairman Gary Gensler announced he would resign after Trump takes office, further boosting market sentiment.
In addition, decentralized finance (DeFi) activities on the Solana network are also increasing, attracting more institutional investors. Solana's total locked value (TVL) has significantly grown in the past year, increasing from $353 million in October 2023 to $8.74 billion.
Network Performance Improvement
Mert Mumtaz, CEO of Helius, revealed that Solana is undergoing a new upgrade, which is expected to increase the network's transactions per second (TPS) by 1000 times. The success of this upgrade will further drive up the price of SOL.
Currently, Solana's TPS has reached 65,000, and if the upgrade is successful, SOL's market performance may be even better.
Future Outlook
As market confidence in Solana continues to grow, the price of SOL is expected to continue rising in the future. Investors are looking forward to the upcoming Solana ETF, which is expected to bring more liquidity and investment opportunities to the market.