Solana (SOL) broke the $200 threshold today, while Bitcoin surged to a new all-time high of $76,873, driven by a market rally linked to Donald Trump’s recent election victory.
The rally reflects investor optimism about a potential shift toward a more crypto-friendly U.S. administration.
As SOL’s price surged, pump.fun accelerated its token sales, moving 78,000 SOL (valued at $15.13 million) to Kraken eight hours ago. So far, pump.fun has collected 1.153 million SOL in transaction fees, selling 823,400 SOL (approximately $133.81 million) at an average price of $162.
https://twitter.com/EmberCN/status/1854696080765788614
Solana Trades Over $200 Following Rapid Increase
Currently, Solana is trading at $200, reflecting a 6.2% increase over the last 24 hours. Meanwhile, Bitcoin is holding at $75,984 after hitting its all-time high earlier today, and Ethereum gained 3.4% to reach $2,911, according to The Block’s price data.
U.S. stocks also rallied, with the S&P 500 closing up 0.7% and the Nasdaq Composite gaining 1.5%, setting record highs as post-election optimism carried over into traditional markets. According to Min Jung, research analyst at Presto Research, the recent market momentum is fueled by Trump’s election win, which is anticipated to usher in favorable conditions for cryptocurrencies, along with positive expectations for upcoming FOMC announcements.
Solana has stood out in the crypto market, driven by strong activity in memecoins and high transaction volumes, at times surpassing Ethereum’s transaction fees. In October, Solana recorded over 123 million active addresses, marking a 42% increase from the previous month.
The pump.fun tokens have also significantly boosted Solana’s decentralized exchange (DEX) volumes, with Raydium, a key platform in the Solana ecosystem, reporting over $30 billion in monthly trading volume, per DefiLlama data.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Image Source: alexandarilich/123RF // Image Effects by Colorcinch
