Continuing what has been a dominant few weeks for the cryptocurrency, Solana has seen its market cap attain a file mark as SOL closes in on its personal $260 all-time excessive. Indeed, the cryptocurrency has skyrocketed on the heels of optimistic sentiment and a renewed meme coin mania.
Increased exercise in the meme coin sector is what had propelled Solan earlier this yr. The identical equation seems to be to be enjoying out now as the cryptocurrency market skyrockets. With Bitcoin anticipated to proceed gaining, there’s nothing stopping SOL from setting data in the approaching months.
Solana Market Cap Hits All-Time High as SOL Looks to Follow Suit
The final two weeks have been unbelievable for cryptocurrencies. The asset class has thrived amid the 2024 US presidential election victory of Donald Trump. Throughout 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 number of different cryptos need to be part of the asset with file marks. Among them is Solana, which noticed its market cap attain an all-time excessive as SOL is seeking to set a brand new mark in its personal proper.
The community reached a market cap of $117 billion on Monday, its highest ever. Although it has retreated barely since it’s nonetheless up greater than 4% during the last 24 hours. That pattern extends to the community’s native crypto, as SOL has been profitable huge for a number of weeks.
Over the final 30 days, SOL has elevated greater than 54%, in line with CoinMarketCap. Currently, the token is buying and selling on the $241 stage, which is a mere 6% away from its $260 worth level it will want to achieve to set a brand new file.
The largest purpose for the value enhance has probably been elevated participation in the meme coin sector. Users have run to Solana for the meme coin market, with belongings like PNUT surging 2,700% during the last two weeks.
Throughout the final month, decentralized exchanges on Solana have seen an enormous uptick in exercise. Specifically, transaction volumes over that time-frame are up 252%, surpassing the $6 billion mark, in line with Artemis information. If sentiment stays excessive, these numbers ought to stay spectacular.
