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Solana’s cryptocurrency SOL saw a new peak on Sunday, hitting $212 for the first time since the 2021 crypto bull market. The token has gained 34% in the past week, outperforming Bitcoin’s 18% rise and CoinDesk 20 Index’s 27% increase. The surge pushed SOL beyond a market capitalization of $100 billion, making it one of only four cryptocurrencies to reach this threshold alongside Bitcoin, Ethereum’s Ether, and Tether. This success follows Solana’s support of Sam Bankman-Fried’s FTX and Alameda Research in 2022 and its increasing popularity as a trading platform and hub for decentralized finance activity.

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On Sunday, Solana’s cryptocurrency SOL reached a new milestone due to a surge in the crypto market sparked by Bitcoin’s record-breaking prices, Donald Trump’s decisive election victory, and the Federal Reserve’s additional rate cut.

SOL boosted to newer peaks, hitting $212 for the first time since the 2021 crypto bull market. In the past week alone, the token gained 34%, outpacing Bitcoin’s 18% spike and the CoinDesk 20 Index’s 27% climb. SOL’s highest-ever record was $260, a tad over 20% above the current price of $214.

This significant rise shot SOL beyond a market capitalization of $100 billion, putting it right next to only three other older cryptocurrencies above that threshold. These include Bitcoin, Ethereum’s Ether (ETH), and the leading stablecoin Tether (USDT). Rumors have started swirling on crypto twitter about SOL possibly overtaking ETH’s market cap, which currently sits at approximately $389 billion.

Solana has seen a noteworthy comeback, especially since it was a key backer of Sam Bankman-Fried’s FTX and Alameda Research in 2022. The chain has become a go-to ecosystem for everyday crypto users and a hotspot for the recent memecoin craze.
This week’s increases suggest Solana’s on-chain trading ecosystem has benefitted from resurging decentralized finance (DeFi) activity, becoming the third most profitable sector in crypto. The solana token stands out among other alternative coins in the previous year’s mainly Bitcoin-led bull market, growing 275% year over year.

According to Julien Bittel, head of macro research at Global Macro Investor, Solana’s milestone has wider implications for the crypto market. SOL broke out from an eighth-month sideways consolidation channel, implying that the broader crypto bull market might be entering the most explosive phase.

“With this, we officially just started the next phase of the bull market,” says popular cross-asset trader Bob Loukas. He predicted that SOL’s price could reach its former all-time high in the following weeks due to its market strength. “SOL to ATH within 14 days wouldn’t be a surprise now,” he concludes.