Author: 1912212.eth, Foresight News
Solana has set a new all-time high at a speed that has far surpassed Ethereum. At around 11 a.m. today, SOL broke through $260, setting a new all-time high. Its current market value has exceeded $122.5 billion, making it the second public chain after Ethereum to enter a market value of more than $100 billion.
Led by the rising trend of SOL, various ecological projects have also ushered in a big explosion. The re-staking agreement JTO has soared by more than 24%, and the current price is 3.4 US dollars. The DEX agreement RAY has risen by more than 12%, and the current price is 6.2 US dollars. JUP has risen by more than 7%, and the current price is 1.1 US dollars.
SOL has been reborn from the bottom of the last bear market. After falling to a low of $8, it has been rising all the way to the present day, with a return of more than 30 times. What exactly has SOL done?
Overall data performance
At present, Solana has taken its own path. Not only does it have representative ecological projects in AI, DeFi, and staking, but its overall data performance is also remarkable.
Solscan data shows that Solana's TPS currently fluctuates around 3,000, and network performance remains relatively stable.
As a key indicator of data, the number of active wallet addresses also performed very well. Although the market has been declining since the middle of this year, it has obviously not had much negative impact on the number of Solana active wallet addresses. Instead, it has soared from 1 million to a maximum of 8.8 million.
Activity levels have rebounded rapidly after a brief period of lows, and the number of new accounts has now risen to over 20 million.
Meme Wave
"Not playing with the Meme on Solana is like not playing with DeFi in the last cycle."
It can be said that the meme wave of this bull market happened on Solana, which gave birth to countless wealth effects and meme projects. As the native token for purchasing memes, the market demand for memes also indirectly drives the demand for SOL, thus leading to an increase in the price of the currency.
The above chart shows that since September this year, the number of priority transaction fees has increased from around 3,000 to 55,000 today, a 15-fold increase. This part of the priority transaction fee is a true reflection of investors' enthusiasm for the Meme on the Solana chain.
As of now, according to CoinmarketCap data, the ones with a market value of over 1 billion US dollars include BONK, WIF, POPCAT, and PUNT, while the ones with a market value between 100 million and 1 billion US dollars include: GOAT, MEW, BOME, ACT, LUCE, ai16Z, MICHI and more than a dozen others. Their performance is far ahead of Ethereum and the latecomer Base Chain.
Solana Spot ETF is expected to pass
After the Ethereum spot ETF was approved in the middle of this year, Solana spot ETF was also highly anticipated by many investors. In August, the US SEC rejected the Solana spot ETF 19b-4 application submitted by Cboe, and the relevant application cooled down.
On November 21, FOX Business reporter Eleanor Terrett said that according to two people familiar with the matter, negotiations between SEC staff and issuers who want to launch SOL spot ETFs have made progress. The SEC is currently processing the S-1 application for the SOL spot ETF. These people familiar with the matter said that it is "very likely" to see exchanges submit some 19b-4 documents on behalf of potential issuers in the next few days, which is also the next step in the ETF approval process.
With the crypto-friendly Trump about to take office, the strict regulations of the past may be relaxed. According to official US news on November 22, US SEC Chairman Gary will officially leave office on January 20, and Trump's official inauguration happens to be on this day.
It is worth noting that Chris Giancarlo, known as the "Crypto Godfather", has become a hot contender for the new SEC chairman, and the Trump transition team is considering appointing this new government position. Chris Giancarlo is the former chairman of the U.S. Commodity Futures Trading Commission (CFTC) and one of the founders of Digital Dollar. He has in-depth insights into the development of Web3 and digital currencies. He has participated in many discussions on cryptocurrencies, central bank digital currencies (CBDCs) and stablecoins, and emphasized the importance of these emerging technologies and financial instruments for the future.
Eric Balchunas, senior ETF analyst at Bloomberg, once said: "The new US president and changes in the leadership of the US Securities and Exchange Commission may make everything possible in 2025."
How high can Solana go?
Trader Eugene: SOL price is between 500 and 1000 USD
At the end of September this year, top trader Eugene Ng Ah Sio posted on social media that the second phase of this bull market has begun and it is time to lock in the target. The final price target of the bull top is usually difficult to predict, so he gave some price ranges at the end of this cycle, which is based on the assumption that "Trump wins the election and the US economy has a soft landing." Specific range:
BTC: $100,000-200,000;
ETH: $4,000-6,000;
SOL: $500-1000;
Total crypto market cap: $5 trillion-$10 trillion.
VanEck: Optimistic about SOL reaching $330 in this round
US asset management giant VanEck also expressed optimism about Solana. In a report on September 25, VanEck predicted that Solana's price in this round would reach US$330, soaring to 50% of Ethereum's market value at the time.
