In the early hours of November 8, Solana’s price reached the $200 mark, a level last seen in April 2024.
The all-time high near $260 was recorded in November 2021.
Over the past 24 hours, the asset’s price increased by 6.9%, second only to Cardano (+19.2%) among the top 10 cryptocurrencies.
Presto Research analyst Min Jung told The Block that Solana’s success is due to high activity in meme coins, which supports “the broader Solana ecosystem, including decentralized exchanges like Raydium.”
According to DeFi Llama, trading volume on DEX exceeded $30 billion last month.
The expert also noted an improvement in the blockchain’s overall on-chain metrics.
In October, the number of monthly active addresses on the Solana network reached a record 123.01 million, a 42% increase compared to September, according to The Block.
“There is an element of hope driving the cryptocurrency’s price up, including the potential approval of an ETF, although the timeline is still distant. It is more likely the influence of anticipated favorable policies towards digital assets, especially in names like Solana, where there is a strong holder community,” the expert noted.
Previously, Syncracy Capital co-founder Daniel Chung predicted the launch of a SOL-ETF in the first quarter of 2025 following Donald Trump’s victory in the U.S. presidential election.
Technical analyst Peter Brandt has seen potential for Solana to grow 27-fold to $4500.