Solana breaks all-time high on Coinbase 2 years after FTX disaster.
Solana finally crashed on the FTX exchange, lowering the price of the Layer-1 blockchain token to a new record high on November 22.
Solana (SOL) prices rose to $264.31 on Coinbase on November 22, according to TradingView. The stock has gained 11% in the last 24 hours.
SOL is one of the best performing altcoins this year, gaining 160% since the beginning of 2024.
Former FTX CEO Sam Bankman-Fried after the collapse of the crypto empire, the asset fell below $10 in December 2022 cycle.
SOL/USD on Coinbase. Source: Tradingview
Asset Momentum moved this week to cash in on Solana's trading, with offerings from Bitwise, VanEck, 21Shares and Canary Capital.
Analysts target a high of $400 for SOL after the previous high of $260 was beaten.
The popularity of Solana and the demand for SOL is mainly due to memecoin speculation that this circuit is cheap and easy to seed on the network.
Decentralized finance (DeFi) on Solana has also shown impressive growth, gaining more than 500% of the total value locked this year, which has now reached $8.8 billion, according to Defillama.
Related: As memecoin craze returns, Solana-based DApps are powered by record payments
President Donald Trump's promise of friendly crypto regulation has fueled crypto markets over the past two weeks, pushing the total market capitalization to $3.42 trillion on Nov. 22.
Altcoin momentum was fueled by the announcement of SEC Chairman Gary Gensler's resignation in January. During his tenure, Gensler has consistently asserted that every crypto asset except Bitcoin (BTC) is a security.
XRP (XRP) is doing well and has increased by 27% at $1.40 at the beginning of November 22. Cardano (ADA) and Avalanche (AVAX) were also seeing double-digit gains at the time of writing.
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