SOL price hits a new all-time high, how will it perform in the future?

The number of active Solana wallet addresses has skyrocketed from 1 million in May to 8.8 million today.

Written by 1912212.eth, Foresight News

Solana has reached a new all-time high at an unprecedented speed, leaving Ethereum far behind. This morning, around 11 o’clock, SOL surpassed $260, setting a new record. Currently, its market capitalization has exceeded $122.5 billion, making it the second blockchain to enter the trillion-dollar club after Ethereum.

SOL led the way to a big pump, and various ecological projects also saw a big outbreak. Stake protocol JTO rose by over 24%, now priced at $3.4. DEX protocol RAY rose by over 12%, now priced at $6.2, JUP rose by over 7%, now priced at $1.1.

SOL has experienced a nirvana rebirth from the bottom of the last bear market, rising steadily after falling to as low as $8, with a return of over 30 times. What exactly has SOL done?

Overall data performance

Currently, Solana has carved out its own path, not only with representative ecological projects in AI, Decentralized Finance, and stake, but also impressive overall data performance.

solscan data shows that the TPS of Solana is currently fluctuating around 3000, and the network performance remains relatively stable.

As an active wallet for key indicator data, the number of active Address wallets has also performed quite well. Although there has been a downward trend since the start of the big market in the middle of this year, it is obvious that the number of active Solana wallet Addresses has not been affected too negatively. Instead, it has soared from 1 million to a peak of 8.8 million.

MEME wave

Not playing Meme on Solana is like not playing Decentralized Finance in the previous cycle.

It can be said that the Meme wave of this Bull Market happened on top of Solana, giving birth to numerous wealth effects and meme projects. As the native token for purchasing memes, the market demand for memes indirectly drives the demand for SOL, resulting in a rise in token price.

The chart above shows that since September this year, the number of priority transaction fees has risen from around 3000 to the current 55000, a big pump of 15 times. And this part of the priority transaction fee is a true portrayal of investors’ frenzy for Solana on-chain MEME.

As of now, according to CoinmarketCap data, tokens with a Market Cap exceeding 1 billion US dollars include BONK, WIF, POPCAT, PUNT, while tokens with a Market Cap in the range of 100 million to 1 billion US dollars include: GOAT, MEW, BOME, ACT, LUCE, ai16Z, MICHI, and dozens of others, performing exceptionally well, far surpassing Ethereum and the subsequent Base chain.

Solana Spot ETF is expected to pass

After the approval of the ETH Spot ETF in the middle of this year, many investors also have high hopes for the Solana Spot ETF. In August, the US SEC rejected the 19b-4 application for the Solana Spot ETF submitted by Cboe, and the related applications cooled down.

As of November 21st, FOX Business reporter Eleanor Terrett reported that negotiations between SEC staff and the issuer of the SOL Spot ETF, who hopes to launch it, have made progress. The SEC is currently reviewing the S-1 application for the SOL Spot ETF. These sources indicate that it is ‘very likely’ that exchange representatives will submit some 19b-4 documents in the next few days, which is the next step in the ETF approval process.

After Trump, who is friendly to encryption, is about to take office in the White House, the previous strict regulation may be relaxed. On November 22, official news from the United States stated that Gary, the chairman of the SEC, will officially step down on January 20, and Trump’s official inauguration also happens to be on this day.

It is worth noting that Chris Giancarlo, known as the “encryption godfather”, has become a popular candidate for the new SEC chairman, and the Trump transition team is considering appointing him to this new government position. Chris Giancarlo is a former chairman of the Commodity Futures Trading Commission (CFTC) and one of the founders of Digital Dollar. He has a deep understanding of the development of Web3 and Digital Money. He has participated in discussions on cryptocurrency, central bank digital currency (CBDCs), and stablecoins, and emphasized the importance of these emerging technologies and financial tools for the future.

Bloomberg Senior ETF Analyst Eric Balchunas has said, “The changes in the new US president and the leadership of the US Securities and Exchange Commission may make anything possible in 2025.”

Solana can rise to how much

Trader Eugene: SOL price ranges from $500 to $1000

In late September this year, top trader Eugene Ng Ah Sio posted on social media that the second phase of this bull run has begun and it’s time to set targets. The final price target of the bull run is usually difficult to predict, so he provided a price range for the end of this cycle, based on the assumption of “Trump winning the election and the US economy having a soft landing”. The specific range:

BTC: $100,000-$200,000;

ETH: 4000-6000 dollars;

SOL: $500-1000;

encryption total Market Cap: 5 trillion - 10 trillion USD.

VanEck: Bullish on SOL reaching $330 in this round

U.S. asset management giant VanEck also expressed optimism about Solana. In a report on September 25th, VanEck predicted that Solana’s price in this round would reach $330, soaring to 50% of Ethereum’s market capitalization at that time.