Solana Market Cap Hits Record as SOL Closes in on All-Time High
Continuing what has been a dominant few weeks for the cryptocurrency, Solana has seen its market cap reach a record mark as SOL closes in on its own $260 all-time high. Indeed, the cryptocurrency has skyrocketed on the heels of positive sentiment and a renewed meme coin mania.
Increased activity in the meme coin sector is what had propelled Solan earlier this year. The same equation looks to be playing out now as the cryptocurrency market skyrockets. With Bitcoin expected to continue gaining, there is nothing stopping SOL from setting records in the coming months.
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Solana Market Cap Hits All-Time High as SOL Looks to Follow Suit
The last two weeks have been incredible for cryptocurrencies. The asset class has thrived amid the 2024 US presidential election victory of Donald Trump. Throughout his campaign for reelection, Trump has championed the asset class, becoming the first true pro-Bitcoin candidate.
His victory saw BTC reach an all-time high of $93,000 last week. Now, a host of other cryptos are looking to join the asset with record marks. Among them is Solana, which saw its market cap reach an all-time high as SOL is looking to set a new mark in its own right.
The network reached a market cap of $117 billion on Monday, its highest ever. Although it has retreated slightly since it is still up more than 4% over the last 24 hours. That trend extends to the network’s native crypto, as SOL has been winning big for several weeks.
Also Read: Solana Inching Closer to Its All-Time High as $260 Is In View
Over the last 30 days, SOL has increased more than 54%, according to CoinMarketCap. Currently, the token is trading at the $241 level, which is a mere 6% away from its $260 price point it would need to reach to set a new record.
The biggest reason for the price increase has likely been increased participation in the meme coin sector. Users have run to Solana for the meme coin market, with assets like PNUT surging 2,700% over the last two weeks.
Throughout the last month, decentralized exchanges on Solana have seen a massive uptick in activity. Specifically, transaction volumes over that time frame are up 252%, surpassing the $6 billion mark, according to Artemis data. If sentiment remains high, these numbers should remain impressive.