Author: 1912212.eth, Foresight News
Solana has set a new historical high, far surpassing Ethereum. At around 11 a.m. this morning, SOL broke through $260, setting a new all-time high, and its current market capitalization has exceeded $122.5 billion, making it the second public chain to exceed $100 billion after Ethereum.
Driven by the soaring SOL, various ecosystem projects have also experienced a major explosion. The re-pledge protocol JTO has surged more than 24%, currently priced at $3.4. The DEX protocol RAY has risen more than 12%, currently at $6.2, and JUP has risen more than 7%, currently at $1.1.
SOL has risen from the bottom of the last bear market, dropping as low as $8 before rising all the way to the present, a return of more than 30 times. What has happened to SOL?
Overall Data Performance
Currently, Solana has carved out its own path, with representative ecosystem projects in AI, DeFi, and staking, and its overall data performance is also noteworthy.
Solscan data shows that Solana's TPS is currently fluctuating around 3,000, maintaining relatively stable network performance.
In terms of the key indicator data of active wallet addresses, Solana has also performed remarkably. Although the market has been in a downward trend since the middle of this year, it has had little negative impact on the number of active Solana wallet addresses, which has instead soared from 1 million to a peak of 8.8 million.
After a brief downturn, the activity has rebounded quickly, with the number of new accounts now exceeding 20 million.
Meme Wave
"Not playing Meme on Solana is like not playing DeFi in the last cycle".
It can be said that the current bull market's Meme wave has occurred on Solana, giving birth to countless wealth effects and meme projects. As the native token for buying memes, the market's demand for memes has also indirectly driven the demand for SOL, leading to a rise in the coin price.
The chart shows that since September this year, the amount of priority transaction fees has surged from around 3,000 to the current 55,000, a 15-fold increase, which is a true reflection of investors' frenzy for Meme projects on the Solana chain.
According to CoinmarketCap data, projects with a market capitalization of over $1 billion include BONK, WIF, POPCAT, and PUNT, while those in the $100 million to $1 billion range include GOAT, MEW, BOME, ACT, LUCE, ai16Z, and MICHI, among dozens of others, outperforming Ethereum and the newcomer Base chain.
Solana Spot ETF Likely to be Approved
After the approval of the Ethereum spot ETF in the middle of this year, Solana spot ETF has also been highly anticipated by many investors. In August, the SEC rejected Cboe's 19b-4 application for a Solana spot ETF, and the related application cooled down.
On November 21, FOX Business reporter Eleanor Terrett said that according to two informed sources, the SEC staff and the issuers hoping to launch a SOL spot ETF have made progress in their negotiations. The SEC is currently processing the S-1 filing for the SOL spot ETF. These informed sources said that it is "very likely" that in the next few days, exchange representatives and potential issuers will submit some 19b-4 filings, which is the next step in the ETF approval process.
After the crypto-friendly Trump takes office in the White House, the previous strict regulation may be relaxed. On November 22, the US government announced that SEC Chairman Gary will officially step down on January 20, which is the same day as Trump's inauguration.
It is worth noting that Chris Giancarlo, known as the "Crypto Father", has become a hot contender for the new SEC chairman, and Trump's transition team is considering appointing him to this new government position. Chris Giancarlo is the former chairman of the US Commodity Futures Trading Commission (CFTC) and one of the founders of the Digital Dollar, and he has in-depth insights into the development of Web3 and digital currencies. He has participated in many discussions on cryptocurrencies, central bank digital currencies (CBDCs), and stablecoins, emphasizing the importance of these emerging technologies and financial tools for the future.
Bloomberg's senior ETF analyst Eric Balchunas once said: "The change in the US president and the leadership of the US Securities and Exchange Commission may make anything possible by 2025".
How High Can Solana Go?
Trader Eugene: SOL Price at $500 to $1,000
At the end of September this year, top trader Eugene Ng Ah Sio posted on social media that the second stage of the current bull market has begun, and it's time to set targets. The final price target for the bull market is usually difficult to predict, so he gave a price range for the end of this cycle, based on the assumption of "Trump winning the election and the US economy having a soft landing":
BTC: $100,000 - $200,000;
ETH: $4,000 - $6,000;
SOL: $500 - $1,000;
Total crypto market cap: $5 trillion - $10 trillion.
VanEck: Bullish on SOL Reaching $330 This Round
US asset management giant VanEck has also expressed optimism about Solana. In a report on September 25, VanEck predicted that Solana's price this round will reach $330, soaring to 50% of Ethereum's market value at the time.
