According to The Block, Solana has seen strong on-chain activity in recent months, briefly surpassing $200 today, with a trading price of $201. Meanwhile, the U.S. stock market closed at a new high on Thursday.
Solana broke the $200 barrier, while Bitcoin earlier reached a new all-time high of $76,873 in the market backdrop of former U.S. President Donald Trump's election victory.
According to The Block's price page, Solana rose by 6.2% in the past 24 hours, trading at $200 at the time of writing. Bitcoin increased by 0.6%, trading at $75,984, while Ethereum rose by 3.4% to $2,911.
Meanwhile, the S&P 500 index rose by 0.7% on Thursday, and the Nasdaq Composite index increased by 1.5%, both marking new closing highs, indicating a continuation of the post-election upward trend in the U.S. stock market.
Min Jung, a research analyst at Presto Research, told The Block: “The recent rebound in the crypto market is due to Trump’s election victory, indicating that there may be a more crypto-friendly government, along with the anticipated results from the Federal Open Market Committee (FOMC), both of which have pushed the stock market to historical highs.”
According to The Block's data dashboard, in October, the number of active addresses on Solana reached a record high of over 123 million. From September's data, the number of independent addresses signing transactions increased by over 42%. The rise of the pump.fun token on Solana is a major driver of decentralized exchange (DEX) trading volume, with over $30 billion in trading volume on Raydium last month, according to DefiLlama.
Despite Trump’s impending return to the White House potentially boosting optimistic expectations for the approval of spot Solana exchange-traded funds (ETFs), recent price fluctuations are more likely “driven by strong fundamentals and sustained high levels of on-chain activity,” Jung said.
Jung added: “There are indeed hopeful factors pushing up the price of Solana, including the potential approval of an ETF, but that timeline is still too far out to have a substantial impact on current prices. More likely, favorable policy expectations for digital assets are driving asset prices up, especially for projects like Solana, which has a very strong holder community.”
Jung stated that Solana is performing exceptionally, “thanks to strong meme token activity, sometimes even surpassing Ethereum in trading fees,” which also “supports a broader Solana ecosystem including decentralized exchanges like Raydium.”
