CoinGecko’s data show that SOL is now at a record high of $263. This is more than 3 years after the last time it peaked.
Solana native tokens’ price dropped dramatically during the demise of the FTX, briefly trading at single digits by the end of 2022. SOL had a slow 2023 as the SEC argued that SOL was an asset, which created regulatory concerns around the asset. A resurgent Solana, however, has been able to climb all the way back after a year-long explosive growth. It is now one of only a handful of major cryptoassets which have achieved a new price record in this market cycle.
SOL sold for less than $12 two years ago. Since then, the asset has increased by over 2,000%.
The explosion in the trading of memecoins has led to a surge in user demand for transactions to be included in Solana blocks. The rise in popularity of memecoins associated with AI agent projects was sparked by the Solana memecoins, but Donald Trump’s election win accelerated it.
Moonpay, an on-ramp popular for converting fiat currency to cryptocurrency, announced that Tuesday saw a new record in Solana transaction volume.
Solana’s “real economic value” metric — which largely comprises extra money traders will pay to get transactions processed faster — totaled a record of over $100 million-worth last week, as measured by Blockworks Research.
Just two months earlier, the so-called REV could be viewed as a proxy of Solana’s blockspace demand.
Solana’s REV might reach $200 million in this week based on recent events.
The speculation that a SOL-ETF would be approved by the SEC in a Trump administration has also contributed to the recent increase.
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