Solana (SOL), the fourth-biggest crypto by market cap, is now worth $200 per coin for the first time in seven months, breaking the barrier shortly after Bitcoin set another new all-time high price.
SOL is now trading hands for $200, according to Coinbase data. That’s a rise of about 7% in 24 hours.
It is one of the biggest winners—out of the top 20 coins and tokens by market cap—over the past week, having jumped 18% in seven days.
Bitcoin, by comparison, is up 9% over the last week at a current price of $76,170, dipping slightly after touching a new peak price of $76,677. The leading crypto broke its previous record of $73,737 on Tuesday night on Election Day as President-Elect Donald Trump appeared to be on track to secure a second term in the White House.
Solana is still approximately 23% down from its all-time high price of about $260 set in November 2021.
Solana is a layer-1 blockchain network that can be used to launch tokens and build decentralized applications—anything from games to decentralized finance (DeFi) platforms. Its native coin, SOL, is held by those who support the network and need to pay fees to make transactions.
SOL is riding high off the back of Bitcoin’s new records amid Trump’s election.
The former U.S. President and real estate mogul will be back in the White House in January following a resounding win Tuesday evening. He has promised to help the digital asset industry, leading traders to snap up crypto tokens and invest in ETFs en masse this week.
But Solana is outpacing Bitcoin and many other top cryptocurrencies in part because of increasing confidence that spot Solana exchange-traded funds (ETFs) will gain approval in the U.S. under a Trump administration. Solana has been labeled an unregistered security by the U.S. Securities and Exchange Commission (SEC) with Joe Biden as president.
Edited by Andrew Hayward