- Solana (SOL) hit a new all-time high of over $260 on Thursday, recovering from its 2022 low of nearly $8 following the FTX collapse.
- The rally follows Donald Trump’s pro-crypto election win and news of SEC Chairman Gary Gensler’s upcoming resignation in January 2025.
Solana (SOL) has achieved a remarkable comeback, hitting an all-time high price of over $260 on Thursday, as per Coinbase data. This milestone marks a full recovery for the cryptocurrency, which had plunged to nearly $8 by the end of 2022 following the collapse of the crypto exchange FTX.
The new record comes during a strong bullish trend for the asset, spurred by broader market optimism following the U.S. presidential election. The victory of Donald Trump, a pro-crypto candidate, and the announcement that SEC Chairman Gary Gensler will step down in January 2025 have fueled renewed enthusiasm across the crypto industry.
SOL is up 11% daily, 23% over the past week, and an astounding 55% over the past month. Its one-year performance is even more striking, with the token soaring 386%—more than quadrupling its value in a year.
Solana last reached its previous high of $260 in 2021 amid massive hype as a faster and more cost-effective alternative to Ethereum. However, the excitement cooled during the 2022 crypto bear market, compounded by network issues and its ties to FTX and its founder, Sam Bankman-Fried.
Since then, Solana has made significant strides. Developers have focused on network stability, and Solana Labs has expanded its ecosystem into mobile hardware and apps. This resilience has paid off, bringing Solana back to the forefront of the crypto market.
Solana's rally comes as Bitcoin also shattered records, climbing past $98,000 earlier on Thursday after surpassing its previous peak of nearly $74,000 on Election Day.
The renewed momentum in the crypto market signals a potential new chapter for digital assets, led by Solana’s stunning resurgence.
Edited by Harshajit Sarmah
