Crypto Coin Solana (SUN), the fourth-biggest cryptocurrency by market cap, has increased in value to $200 per coin for the first time in seven months. This follows in the footsteps of Bitcoin setting a new all-time high price. Solana is currently trading at $200 according to Coinbase data, marking a 7% increase in value within 24 hours.
Over the past week, Solana has gained 18% in value, outperforming Bitcoin’s 9% increase over the same period. The highest gain for Solana came on Election Day when Bitcoin reached a new peak price of $76,677, breaking its previous record of $73,737. Despite Solana’s recent success, the coin is still 23% below its all-time high of $260, set in November 2021.
Solana is a layer-1 blockchain network used to launch tokens and build decentralized applications, such as games and DeFi platforms. Its native coin, SOL, is held by network supporters and used to pay transaction fees. Solana’s recent growth is attributed to increasing confidence in the potential approval of spot Solana exchange-traded funds (ETFs) in the U.S.
under the Trump administration. The coin was previously labeled an unregistered security by the U.S. Securities and Exchange Commission (SEC) under the Biden administration.
