Monday November 11, 2024 ▪
3
min read ▪ by
The crypto Solana (SOL) has just reached a historic milestone by reaching $214, its highest level since December 2021. This spectacular performance marks a rebound of 2,500% since its post-FTX historic low.
Solana Achieves Spectacular 2,500% Post-FTX Rebound
On Sunday, November 10, 2024, Solana peaked at $214 on major exchanges, before stabilizing around $210. This performance comes in a particularly favorable context for the entire crypto market, with Bitcoin crossing the $81,000 mark.
This meteoric rise makes sense if we compare it to the low of $8.30 reached at the end of 2022, at the height of the FTX crisis. At the time, many analysts questioned the project’s very survival, due to its close ties to Sam Bankman-Fried and its collapsed trading platform.
The token is now showing impressive performance with an increase of 29% over the week and 44% over the month, according to CoinGecko data. It is now only 20% away from its all-time high of $260 set in November 2021.
The catalysts for an unexpected renaissance
The results of the American elections played a determining role in this upward dynamic. The victory of Donald Trump, known for his pro-cryptocurrency positions, gave new impetus to the entire sector.
Investors are particularly expecting regulatory easing under the incoming Trump administration, with a likely change at the head of the SEC. This outlook suggests the possibility of approval of the Solana ETFs, as well as an end to lawsuits regarding the classification of SOL as an unregistered security.
Beyond the political context, Solana also benefits from solid fundamentals. The ecosystem has demonstrated its ability to rebuild itself after the FTX crisis, attracting new developers and innovative projects that strengthen its technical legitimacy.
The resurrection of Solana perfectly illustrates the cyclical nature of the crypto market, where periods of crisis can precede spectacular rebounds. As the token approaches its all-time highs, the crypto community is closely following this success story which is redefining the possibilities of the sector.
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Passionate about Bitcoin, I like to explore the intricacies of blockchain and cryptos and I share my discoveries with the community. My dream is to live in a world where privacy and financial freedom are guaranteed for everyone, and I firmly believe that Bitcoin is the tool that can make this possible.
DISCLAIMER
The views, thoughts and opinions expressed in this article belong solely to the author and should not be considered investment advice. Do your own research before making any investment decisions.
