Persevering with what has been a dominant few weeks for the cryptocurrency, Solana has seen its market cap attain a file mark as SOL closes in by itself $260 all-time excessive. Certainly, the cryptocurrency has skyrocketed on the heels of constructive sentiment and a renewed meme coin mania.
Elevated exercise within the meme coin sector is what had propelled Solan earlier this yr. The identical equation seems to be taking part in out now because the cryptocurrency market skyrockets. With Bitcoin anticipated to proceed gaining, there’s nothing stopping SOL from setting data within the coming months.
Solana Market Cap Hits All-Time Excessive as SOL Seems to Observe Swimsuit
The final two weeks have been unimaginable for cryptocurrencies. The asset class has thrived amid the 2024 US presidential election victory of Donald Trump. All through his marketing campaign for reelection, Trump has championed the asset class, turning into the primary true pro-Bitcoin candidate.
His victory noticed BTC attain an all-time excessive of $93,000 final week. Now, a bunch of different cryptos wish to be a part of the asset with file marks. Amongst them is Solana, which noticed its market cap attain an all-time excessive as SOL is trying to set a brand new mark in its personal proper.
The community reached a market cap of $117 billion on Monday, its highest ever. Though it has retreated barely since it’s nonetheless up greater than 4% over the past 24 hours. That development extends to the community’s native crypto, as SOL has been profitable large for a number of weeks.
During the last 30 days, SOL has elevated greater than 54%, based on CoinMarketCap. Presently, the token is buying and selling on the $241 stage, which is a mere 6% away from its $260 value level it could want to succeed in to set a brand new file.
The largest purpose for the worth enhance has seemingly been elevated participation within the meme coin sector. Customers have run to Solana for the meme coin market, with property like PNUT surging 2,700% over the past two weeks.
All through the final month, decentralized exchanges on Solana have seen a large uptick in exercise. Particularly, transaction volumes over that time-frame are up 252%, surpassing the $6 billion mark, based on Artemis knowledge. If sentiment stays excessive, these numbers ought to stay spectacular.
