Where is the peak of this Bull Market as the SOL price hits a new all-time high?

Author: 1912212.eth, Foresight News

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

Under the rising trend of SOL, various ecological projects have also experienced a big pump. The stake protocol JTO has surged by over 24%, with a current price of $3.4. DEX protocol RAY has risen by over 12%, with a current price of $6.2, and JUP has risen by over 7%, with a current price of $1.1.

After a bottoming out in the last bear market, SOL has risen steadily since falling to a low of $8, with returns exceeding 30 times. What has SOL done?

Overall Performance Data

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

solscan data shows that the TPS of Solana is currently fluctuating around 3000, and the network performance remains relatively stable.

As an active Address wallet, which is a key indicator data, it has also performed quite well. Although the downward trend has started since the mid-year of this year, it seems that there has not been too much negative impact on the number of active wallet Addresses of Solana. Instead, it has soared from 1 million to a peak of 8.8 million.

In terms of activity, it quickly rebounded after a brief lull, and the number of new accounts 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 run happened on Solana, giving birth to countless wealth effects and meme projects. As the native token for purchasing memes, the market's demand for memes indirectly drives the demand for SOL, leading to price appreciation.

As shown in the chart above, since September this year, the quantity of priority transaction fees has risen from around 3000 to the current 55000, experiencing a big pump of 15 times. And this portion of priority transaction fees is a true portrayal of investors' frenzy for Solana on-chain MEME.

As of now, according to CoinmarketCap data, the Market Cap exceeds 10 billion US dollars, including BONK, WIF, POPCAT, PUNT, while those in the 100 million to 1 billion US dollar range include: GOAT, MEW, BOME, ACT, LUCE, ai16Z, MICHI, and dozens of others, showing outstanding performance, far exceeding Ethereum and the later Base chain.

Solana Spot ETF is expected to pass

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

On November 21st, FOX Business reporter Eleanor Terrett said that negotiations between SEC staff and the issuer of the proposed SOL Spot ETF are progressing, according to two sources familiar with the matter. The SEC is currently reviewing the S-1 application for the SOL Spot ETF. These sources indicate that it is "likely" to see representatives from the exchange 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, previous strict regulation may be relaxed. On November 22, according to official sources, Gary, the chairman of the U.S. SEC, is set to officially leave his post on January 20, which coincides with Trump's inauguration.

It is worth noting that the so-called 'encryption godfather' Chris Giancarlo has become a popular candidate for the new SEC chairman. The Trump transition team is considering appointing him to this new government position. Chris Giancarlo is the former chairman of the Commodity Futures Trading Commission (CFTC) and one of the founders of Digital Dollar. He has a deep understanding of the development of Web3 and Digital Money. He has participated in discussions on cryptocurrencies, central bank digital currencies (CBDCs), and stablecoins, emphasizing the importance of these emerging technologies and financial instruments for the future.

Bloomberg's senior ETF analyst Eric Balchunas has said, "The new U.S. president and changes in the leadership of the U.S. Securities and Exchange Commission could make anything possible in 2025."

How much can Solana rise

Trader Eugene: SOL price is between $500 and $1000

In late September this year, top trader Eugene Ng Ah Sio posted on social media that the second phase of this bull run has begun and it's time to lock in targets. The final price target of the bull top is usually difficult to predict, so he gave a price range at the end of this cycle, based on the assumption of "Trump winning the election and a soft landing of the U.S. economy". The specific range:

BTC: $100,000 - $200,000;

ETH: $4000-6000;

SOL: 500-1000 USD;

encryption total Market Cap: 5 trillion - 10 trillion US dollars.

VanEck: Bullish on SOL reaching $330 in 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 would reach $330, soaring to 50% of Ethereum's Market Cap at the time.