Stephen Alpher is CoinDesk's managing editor for Markets. He holds BTC above CoinDesk’s disclosure threshold of $1,000.
At press time, SOL was trading just above $263, higher by 11% over the past 24 hours and nearly 360% on a year-over-year basis.The new record came two years after the downfall of Sam Bankman-Fried's crypto empire FTX and Alameda Research, prominent backers of the Solana ecosystem. SOL plummeted to as low as $8 late in 2022 before beginning its turnaround to the current level.
Now having survived 2022's near-fatal blow, Solana is benefitting from multiple catalysts, including bustling meme coin trading and surging decentralized finance activity on the network, as well as increasing institutional interest.Of that institutional interest, the odds of there soon being a U.S.-based spot Solana ETF have increased greatly with the election of crypto-friendly Donald Trump two weeks ago. Earlier Thursday, crypto foe and SEC Chairman Gary Gensler.
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