As a seasoned crypto investor who has weathered numerous market storms, I can confidently say that Solana’s (SOL) resurgence is nothing short of remarkable. Having witnessed the crypto winter’s devastating impact on portfolios, I never thought I would see SOL surpass its previous all-time high. The fact that it has done so, despite the setbacks like the collapse of FTX and Alameda Research, speaks volumes about the resilience and potential of this blockchain.
Following an impressive recovery after plummeting over 95% during the “crypto winter,” Solana’s native token (SOL) has surpassed its previous record high that it achieved back in October 2021.
As I write this, Solana (SOL) is being transacted slightly above $263, marking an increase of about 11% within the last day, and a staggering rise of almost 360% compared to the same timeframe last year.
As an analyst, I witnessed a significant turning point for the Solana ecosystem, which occurred approximately two years following the collapse of Sam Bankman-Fried’s crypto conglomerate, FTX and Alameda Research – key supporters of Solana. In late 2022, SOL experienced a dramatic drop to as low as $8. However, since then, it has been on an upward trajectory that has brought us to its current level.
After weathering a nearly fatal incident in 2022, Solana is now experiencing numerous positive factors such as vigorous meme coin transactions, escalating DeFi activities within its ecosystem, and growing institutional attention.
The likelihood of a U.S.-based Solana ETF becoming available has significantly grown following Donald Trump’s election two weeks ago, who is known to be favorable towards cryptocurrencies. Previously, Gary Gensler, a critic of crypto, announced his resignation as SEC Chairman on January 20, the day Trump takes office. Additionally, today there have been positive discussions reported between the SEC and potential Solana ETF issuers.
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2024-11-22 06:52