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    Solana’s Surge: How SOL Reached a New High Amid Broader Altcoin Growth and Political Changes

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    The Solana token (SOL) surged 61.5% between Nov. 5 to 22, reaching a record high of $263. This coincided with a broader altcoin market increase and Donald Trump’s US Presidential Election win. The Solana network also registered record monthly volumes on decentralized exchanges (DEX), exceeding $100 billion. Daily and weekly record highs were also achieved, and the SOL price rose by 800% between October 2023 and April 2024. The resurgence of memecoins played a part in these developments. However, it is emphasized that this doesn’t sanction investment advice or a guarantee.

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    The Solana token (SOL) experienced a massive 61.5% increase in value from Nov. 5 to Nov. 22, hitting a record high of $263. This is in line with the broader altcoin market, which saw a 58% increase as Bitcoin almost touched $100,000.

    Observers are linking this positive trend to Donald Trump’s win in the US Presidential Election and the resurgence of the “memecoin” craze. These events led to a record-high performance of several metrics on the Solana network, the most recent being the monthly volumes on decentralized exchanges (DEX).

    Impressively, Solana’s DEX volume topped $100 billion. Data from DEX tracking site, DefiLlama, reveal that Solana’s monthly DEX trade volume surpassed $100 billion by Nov. 25, nearly double the $55 billion that Ethereum’s DEX volume had achieved.

    Daily record high had also been achieved on Nov. 18, with $7.14 billion trading volume, and during the week ending Nov. 17, where weekly DEX trading volume reached a record high of $41.6 billion. The previous high point for this metric was back in March 2024, when Solana’s DEX trading volume hit $59.8 billion.

    Moreover, there’s been an 800% increase in the price of SOL between October 2023 and April 2024. The combination of high network activity and the memecoin craze that kicked off in the third quarter of 2023 is likely behind this rise.

    Experts attribute the recent surge to the increase in memecoins. Platforms like Pump.fun and Raydium, all part of the Solana ecosystem, have played an important role in fueling this craze, with their contributed fees reaching respective record highs of $71.5 million and $182 million in November.

    Currently, Solana’s market cap is about 29.5% of Ethereum’s. Looking at the charts, it appears that SOL’s price strength after breaking above a rounded bottom chart pattern on the weekly chart. Analysts predict bulls trying to drive the price towards $300, a 19% increase from the current price.

    However, note that this doesn’t amount to investment advice or a guarantee. Every investment and trade has risks, and one should always do thorough research before making a decision.

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