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SOL Surges Amid Strong Crypto Market Rally, Reaches Yearly High

By Perdana Id Post a Comment


SOL, the native token of the Solana network, has recorded a substantial price increase amid a strengthening crypto market rally, reaching its highest level this year.

Data from CoinMarketCap on Tuesday (November 12) indicates that Solana’s price surged from $207 to $224, marking an 8% increase over the past 24 hours. Over the past month, SOL’s value has soared by 52%, following a previous low of around $142 in mid-October.



This marks a new peak for SOL since late 2021, when the token hit an all-time high of $260. Solana’s market capitalization has also risen to $105.4 billion, up 7%, securing its position as the world’s fourth-largest cryptocurrency, overtaking Binance Coin (BNB) and trailing only behind the stablecoin USDT.

Solana’s Growing Adoption

Investors’ optimism toward SOL is partly fueled by increased smart contract activity on the Solana network. This is reflected in its Total Value Locked (TVL), which reached $7.82 billion as of November 12, the highest level since December 2021.

Several decentralized applications (DApps), including Raydium, Drift, Jito, and Binance’s liquid staking platform, have significantly contributed to Solana’s TVL growth.

Solana’s rally has also been bolstered by the surge of memecoins throughout this year. Tokens launched on Solana, such as Dogwifhat (WIF), Bonk (BONK), and Popcat (POPCAT), have collectively amassed a market capitalization exceeding $1.5 billion.




Additionally, Solana has its own dedicated memecoin launchpad, Pump.fun, which has gained popularity since mid-year and contributed to increased trading volumes on Solana-based decentralized exchanges (DEX).

Other factors driving SOL’s adoption include growing optimism about the potential approval of a Solana spot ETF in the United States, especially with the expected regulatory shift under Donald Trump’s new administration, which could usher in more crypto-friendly policies.

Geoffrey Kendrick, an analyst at Standard Chartered Bank, predicts that Solana ETF approval could attract institutional investors, potentially increasing SOL’s value fivefold within the next year.


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