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Recent developments pushed Solana to multi-year highs. On Friday, November 8, Solana reached $200 for the first time since November 2021
As the crypto market experiences a major bullish phase, valuations are reaching all-time highs. Bitcoin recently hit its new ATH of $76,943 amid optimism over US elections.
But among the top coins, Solana saw even greater gains, recently hitting $200. This rise was accompanied by a surge in network activity, as traders eagerly await news of a potential Solana ETF approval after the election.
Solana Breaks $200 on Bullish Momentum
Recent developments pushed Solana to multi-year highs. On Friday, November 8, Solana reached $200 for the first time since November 2021, just before the FTX crash.
Accompanying the recent price surge was a surge in blockchain volume. According to data from DefiLlama, Solana processed over $2.28 billion in daily perpetual trading volume on November 6.
This increase in volume was largely due to increased activity on Solana-based decentralized exchanges (DEXs). Exchanges like Jito, Kamino, and Jupiter experienced significant spikes in usage levels.
Specifically, Jito reported an 18.92% increase in transactions over the last seven days, while Kamino and Jupiter reported 12.92% and 15.29%, respectively.
Solana Benefits from Monetary Policy, Elections
The recent surge in Solana’s price and network activity came after bullish elections and monetary policy news.
For one, the Federal Reserve announced a 0.25% rate cut, which means that borrowing money now costs less.
Easy money boosts high-risk, high-growth assets such as Solana. When interest rates are lower, risky investments become comparatively attractive, and more investors are willing to pursue them. This boosted crypto assets across the board, including Solana.
At the same time, Solana also benefited from the recent election win of former Donald Trump.
Trump presented himself as a staunch defender of crypto assets. He also suggested he would remove the current Securities and Exchange Commission (SEC) chair, Gary Gensler.
A change in the SEC’s leadership could pave the way for a Solana Exchange Traded Fund (ETF), opening up SOL for institutional investors.
On the Flipside
Why This Matters
Recent performance boosts Solana’s case as the top altcoin. The potential for Solana ETFs also opens it up for institutional investors, who hold substantial capital.
Learn more about Solana EFTs: Why a Solana ETF Could Be Closer Than You Think
Read about crypto in China: Crypto Entangled in Chinese Corruption, Espionage Case
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