Solana has continued rising following last week’s U.S. election, reaching a price point not seen since SOL’s original 2021 surge—and marking a nearly 2,500% rise since the coin tumbled to a grim low in 2022 after crypto exchange FTX collapsed.
SOL popped as high as $214 early Sunday, though it has dipped since to a current price of about $210. Even so, Solana is up 5% on the day and 29% over the last seven days, pushing its 30-day rise to 44% as of this writing.
The last time Solana was $214 was way back in early December 2021, nearly three years ago, when it was gradually trickling down after setting an all-time high of about $260 the previous month.
Solana fell fast in early 2022, and then again in late spring as a bear market started to take hold of the broader crypto industry. Adding insult to injury was November 2022’s collapse of crypto exchange FTX, which impacted Solana more than any other major coin due to close associations with the firm and its founder, Sam Bankman-Fried.
Just before the end of 2022, SOL fell as low as $8.30, according to data from CoinGecko. The plunge was framed as an existential crisis by some builders in the space. But SOL regained a bit of ground early in the year, and then finally started climbing in the last quarter of the year, touching $100 by the end of 2023.
Now it’s 20% away from its all-time high, and at today’s peak, had risen nearly 2,500% from that late 2022 low point.
Nearly every major cryptocurrency is up since last Tuesday, when pro-crypto candidate Donald Trump secured a second term in the White House. Bitcoin surged to a fresh all-time high price that night, and has continued to gain, just setting another peak above the $81,000 mark on Sunday afternoon.
To some extent, Solana is riding the same wave as other coins. But it’s outpaced Bitcoin and many other coins this week, in part due to apparent optimism that a Trump administration—including a likely new Securities and Exchange Commission (SEC) head—will result in spot Solana ETF approvals, as well as put to bed the regulator’s allegations that SOL is an unregistered security.
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