Solana’s fresh all-time highs were driven by investors’ memecoin mania and euphoria over Bitcoin’s strong rally. Can SOL hit a new high?
Solana’s native token, SOL (SOL), surged to an all-time high of $264.50 on Nov. 22, propelled by Bitcoin’s rally toward $100,000 and a frenzy around memecoins. This surge coincided with several Solana-based tokens gaining over 100% in value over the last month. Can SOL reach $350?
Solana weekly DEX volumes, USD billion. Source: DefiLlama
Solana has sustained over $6 billion in daily DEX trading activity throughout the past week, securing a 45% share of the overall market. This surge is unprecedented when compared to other networks, which has raised eyebrows, especially given Solana’s very low transaction fees relative to Ethereum (ETH), BNB Chain (BNB), and Polygon.
