Two Years After FTX Disaster, Solana Hits All-Time High on Coinbase

The price of Solana surged by 11% on the day, returning to its all-time high level from three years ago. Two years after the collapse of the FTX exchange, Solana (SOL) finally reached a new high on November 22, causing the price of the Layer 1 blockchain token to plummet. According to TradingView data, on November 22, the price of Solana (SOL) on Coinbase reached $264.31. In the previous 24 hours, it had risen by 11%. SOL is one of the better-performing Altcoins this year, having risen 160% since the beginning of 2024. After the collapse of former FTX CEO Sam Bankman-Fried's crypto empire, the asset hit a cycle low of just under $10 in December 2022. On Coinbase, the SOL/USD. Source: Tradingview This week, Bitwise, VanEck, 21Shares, and Canary Capital filed applications to issue spot Solana exchange-traded funds, driving momentum for the asset. Once it breaks through the previous all-time high of $260, analysts have set a target price of $400 for SOL. The popularity of Solana and the demand for SOL are mainly driven by the speculation of memecoins in the current cycle, as minting them on the network is cheap and easy. According to defillama data, the decentralized finance (DeFi) on Solana has also seen impressive growth, with the total value locked increasing by over 500% this year, currently reaching $8.8 billion. The more crypto-friendly regulatory environment under former President Donald Trump has ignited the crypto market in the past few weeks, pushing the total market capitalization to a new high of $3.42 trillion on November 22. The announcement of SEC Chairman Gary Gensler's resignation in January also boosted the momentum of Altcoins. During his tenure, Gensler frequently claimed that every crypto asset other than BTC is a security. XRP also performed well today, surging 27% to a high of $1.40 in early trading on November 22. At the time of writing, Cardano ADA and Avalanche also saw double-digit gains.