Solana (SOL) reached $214 early Sunday, marking a nearly 2,500% rise from its 2022 low and a price point not seen since December 2021. Though SOL has since dipped to around $210, the token remains up 5% on the day, 29% over the past week, and 44% over the past month, per CoinGecko data.
SOL’s 2022 low of $8.30 followed the collapse of FTX, with which it had close ties. The decline was initially seen as an existential threat to Solana, but by the end of 2023, SOL had rebounded to $100. It’s now only 20% below its all-time high of $260, set in November 2021.
The recent election of pro-crypto candidate Donald Trump to a second U.S. presidential term has fueled optimism for crypto assets across the board. Trump’s victory has lifted hopes for a friendlier regulatory environment, possibly including spot Solana ETF approvals and a fresh approach to the SEC’s claims that SOL is an unregistered security.
Bitcoin also surged to a new high above $81,000, reflecting broad market enthusiasm. However, Solana’s 2,500% gain since its FTX-linked crash demonstrates its unique momentum, driven by both market optimism and potential policy support under the new administration.
