On November 22, 2024, Solana (SOL) achieved a new record high of $262.64 on Coinbase, marking a significant recovery two years post the FTX exchange collapse. The cryptocurrency surged by 11% within 24 hours, having gained 160% since the start of 2024. After dropping to nearly $10 in December 2022 due to the downfall of FTX, Solana has now attracted renewed interest, partly stimulated by the announcement of spot exchange-traded funds from major financial firms. Analysts suggest that SOL could reach $400, fueled by rising memecoin activities and strong decentralized finance (DeFi) growth, which has seen total value locked in Solana’s ecosystem increase by over 500% this year, hitting $8.8 billion. Additionally, the overall crypto market is showing positive momentum, partially due to a perceived shift towards more favorable regulatory conditions under a new administration and the resignation of SEC Chair Gary Gensler.

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