SOL Price Reaches $264: Inside Solana’s Journey from $10 to New Heights

TLDR

• SOL reaches new all-time high of $264.31 on Coinbase, marking 11% daily gain
• Price surge comes 2 years after FTX collapse, rising from $10 low in December 2022
• Multiple ETF filings from Bitwise, VanEck, 21Shares, and Canary Capital boost momentum
• Solana DeFi activity grows 500% in 2024, reaching $8.8 billion TVL
• Memecoin trading activity and institutional interest drive recent growth

In a remarkable display of market resilience, Solana’s native token SOL has achieved a new all-time high of $264.31 on Coinbase, marking a complete recovery from its post-FTX collapse lows.

The price movement represents an 11% increase over 24 hours, cementing the token’s position as one of the strongest performers in the cryptocurrency market for 2024.

The journey to this milestone began in December 2022, when SOL hit a low of approximately $10 following the collapse of Sam Bankman-Fried’s FTX exchange. Since then, the token has demonstrated exceptional growth, posting gains of 160% since the beginning of 2024 alone.

Recent momentum has been particularly strong, driven by multiple institutional developments. Several major financial firms, including Bitwise, VanEck, 21Shares, and Canary Capital, have filed applications to issue spot Solana exchange-traded funds, indicating growing mainstream interest in the asset.

The Solana ecosystem has experienced substantial growth in its decentralized finance sector. DeFi activity on the network has expanded by more than 500% this year, with total value locked reaching $8.8 billion according to data from DefiLlama.

Memecoin trading has emerged as a key driver of network activity. The Solana blockchain’s low transaction costs and high processing speed have made it an attractive platform for memecoin creation and trading, contributing to increased demand for SOL tokens.

Market analysts have noted the technical achievement of breaking through the previous high of $260, with some setting new target prices of $400 for the asset. This projection reflects growing confidence in Solana’s technical infrastructure and market position.

Solana Price on CoinGecko

The recovery comes amid broader market optimism in the cryptocurrency sector. Total market capitalization reached $3.42 trillion on November 22, highlighting the extent of the current market upturn.

Trading volume has shown consistent growth across major exchanges, with Coinbase reporting particularly strong activity. The increased volume suggests broad-based participation in SOL’s price movement, rather than isolated large trades.

Institutional adoption continues to expand, with several major financial firms announcing plans to integrate Solana-based products into their offerings. This institutional interest represents a marked change from the ecosystem’s previous retail-dominated user base.

The network’s technical performance has remained stable despite increased usage, with transaction speeds and costs maintaining competitive levels. This stability has helped build confidence among developers and users.

Developer activity on the Solana network has shown steady growth, with new projects launching regularly. The ecosystem’s expansion has created a positive feedback loop, attracting both users and developers.

The platform’s success in attracting decentralized applications has contributed to its price performance. New projects continue to choose Solana for deployment, citing its technical capabilities and growing user base.

Market data indicates strong support levels have formed at various price points, suggesting the current price levels may be sustainable. Trading patterns show balanced participation from both retail and institutional investors.

The network’s recovery has been accompanied by improvements in its infrastructure and reliability. Technical upgrades have addressed previous concerns about network stability.

The latest price milestone comes as several key metrics, including daily active addresses and transaction counts, reach new highs. These on-chain indicators support the price movement with fundamental activity.