Author: 1912212.eth, Foresight News

Solana is setting a record high at a speed far surpassing Ethereum. This morning, around 11 o'clock, SOL broke through $260, setting a new all-time high. Currently, the Market Cap has exceeded $122.5 billion, making it the second public chain to enter the trillion-dollar club after Ethereum.

Under the rise of SOL, various ecological projects have also exploded. Stake protocol JTO surged more than 24%, with a current price of $3.4. DEX protocol RAY rose more than 12%, with a current price of $6.2, and JUP rose more than 7%, with a current price of $1.1.

SOL has experienced a rebirth from the bottom of the last bear market, falling to as low as $8 and rising all the way up since then. The return has exceeded 30 times. What has SOL done?

Overall data performance

Currently, Solana has carved out its own path, not only with representative ecological projects in AI, Decentralized Finance, and stake, but also impressive overall data performance.

solscan data shows that the TPS of Solana is maintained around 3000 with Fluctuation, and the network performance remains relatively stable.

As active Address wallets, which are key metric data, have also performed quite impressively. Although there has been a downward trend in the overall market since the beginning of this year, it is evident that the active Solana wallet addresses have not been significantly affected, but have instead skyrocketed from 1 million to a peak of 8.8 million.

After a brief period of low activity, the rebound in the number of new accounts has quickly arrived, and it has now risen to over 20 million.

MEME Wave

"Not playing MEME on Solana is like not playing Decentralized Finance in the last cycle."

It can be said that the Meme wave of this Bull Market occurred on top of Solana, giving birth to countless wealth effects and meme projects. As the native Token for purchasing memes, the market's demand for memes also indirectly drives the demand for SOL, leading to a rise in the coin price.

The chart above shows that since September this year, the number of priority trading fees has risen from around 3000 to the current 55000, a big pump of 15 times. This portion of the priority trading fees is a true reflection of investors' frenzy for Solana on-chain MEME.

As of now, according to CoinmarketCap data, cryptocurrencies with a market capitalization exceeding $1 billion include BONK, WIF, POPCAT, and PUNT, while those with a market capitalization in the range of $100 million to $1 billion include GOAT, MEW, BOME, ACT, LUCE, ai16Z, MICHI, and dozens more. Their performance is outstanding, surpassing Ethereum and the later-comer Base Chain.

Solana Spot ETF is expected to pass

After the approval of the ETH Spot ETF in mid-year, Solana Spot ETF has also been highly anticipated by many investors. In August, the U.S. SEC rejected the Solana Spot ETF 19b-4 application submitted by Cboe, and the related application cooled down.

On November 21st, FOX Business reporter Eleanor Terrett reported that negotiations between SEC staff and the issuer of the proposed SOL Spot ETF are progressing, according to two sources. The SEC is currently reviewing the S-1 application for the SOL Spot ETF. These sources indicate that it is highly likely that representatives from the exchange will submit some 19b-4 documents in the next few days, which is the next step in the ETF approval process.

After the encryption-friendly Trump takes office in the White House, the previous strict regulations may be relaxed. On November 22, according to official news from the United States, SEC Chairman Gary will officially step down on January 20, which happens to be the day of Trump's official inauguration.

Notably, Chris Giancarlo, known as the "godfather of encryption," has become a popular contender for a new SEC chairman, a new administration position that Trump's transition team is considering. Chris Giancarlo, former Chairman of the Commodity Futures Trading Commission (CFTC) and one of the founders of the Digital Dollar, has deep insights into the evolution of Web3 and Digital Money. He has participated in several discussions on Cryptocurrency, Central Bank Digital Money (CBDCs) and stablecoins, highlighting the importance of these emerging technologies and financial instruments for the future.

Bloomberg Senior ETF Analyst Eric Balchunas once said, "The change in the new U.S. president and the leadership of the SEC may make everything possible in 2025."

Solana can rise to how much

Trader Eugene: SOL price ranges from $500 to $1000

In late September of this year, top trader Eugene Ng Ah Sio posted on social media that the second phase of this bull market has begun, and it is time to set targets. The final price target for the bull peak is usually difficult to predict, so he provided a price range for the end of this cycle. This prediction is based on the assumption of 'Trump winning the election and a soft landing of the US economy'. The specific range is: 01928374656574839201.

BTC: 100,000 - 200,000 dollars;

ETH: $4000-6000;

SOL: $500-$1000;

encryption Total Market Cap: 5 trillion to 10 trillion dollars.

VanEck: Bullish on SOL, expecting it to reach $330 this round.

US asset management giant VanEck also expressed optimism about Solana. In a report on September 25th, VanEck predicted that Solana's price in this round will reach $330, soaring to 50% of Ethereum's market capitalization at that time.