JAKARTA – The price of Solana (SOL) recently recorded a new record high price (ATH) at the level of 263 US dollars (IDR 4,184,232). The ATH achievement of the SOL coin occurred on November 22, 2024. Solana's new achievement marks the rise of Solana as one of the main crypto assets after going through a difficult period in 2022 due to the fall of the FTX exchange.
According to CoinGecko data, the price of SOL fell to single digits in late 2022 before starting a significant recovery throughout 2023. Last year, Solana also faced regulatory uncertainty after the US regulator, the Securities and Exchange Commission (SEC), called SOL a security. However, Solana managed to dismiss these concerns and set a new record.
The surge in the price of SOL was driven by the increasing public interest in memecoins from the Solana network. Several artificial intelligence (AI)-based meme coin projects on this network have become major catalysts such as GOAT and ACT. In fact, Donald Trump's victory in the US presidential election also fueled market optimism towards the Solana ecosystem.
Blockworks Research data shows that Solana’s real economic value (REV)—a measure of transaction fees to speed up processing—surged to $100 million last week. This is up sharply from $10 million two months earlier, and is expected to reach $200 million this week.
Solana ETF Plans
In addition, speculation that the SEC will approve a SOL-based Exchange-Traded Fund (ETF) under the new US administration has also supported the price increase. Platforms such as MoonPay, which facilitates fiat-to-crypto transactions, also reported record Solana activity this week.
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