Solana tests $ 200 support level

Following Donald Trump’s victory in the presidential election, the price of the Solana cryptocurrency SOL $208.41 Solana -6.58% Market capitalization $99.86 billion VOL. 24 hours $1.19 billion has risen to $ 200 for the first time since April 2024.

Over the past day, the asset has grown by 6.9%, second only to Cardano (19.2%) among the leading cryptocurrencies. This level, although lower than Solana’s historical high of $ 260 reached in November 2021, indicates a new wave of interest in digital assets.

Presto Research analyst Ming Yung attributes Solana’s success to the activity of meme coins and the development of the Solana ecosystem, including decentralized exchanges such as Raydium. According to DeFi Llama, the trading volume on such DEX platforms exceeded $ 30 billion last month. The number of active addresses in the Solana network reached a record 123 million in October, which is 42% more than in September.

Analysts are also considering the possibility of SOL-ETF approval, which could increase the value of the asset. Daniel Cheung, co-founder of Syncracy Capital, predicted the launch of such an ETF in the first quarter of 2025.

At the time of writing, SOL is trading at $ 202.