The number of active wallet addresses on Solana has skyrocketed from 1 million in May to 8.8 million now.
Written by: 1912212.eth, Foresight News
Solana has set a new historical high at a speed that has far outpaced Ethereum. This morning around 11 AM, SOL broke through $260, reaching a new all-time high, with a market capitalization exceeding $122.5 billion, making it the second public chain to surpass $100 billion after Ethereum.
Under the momentum of SOL's rise, various ecological projects have also experienced explosive growth. The re-staking protocol JTO surged over 24%, currently priced at $3.4. The DEX protocol RAY rose over 12%, currently priced at $6.2, while JUP increased over 7%, currently priced at $1.1.
SOL has rebounded from the bottom of the last bear market, which fell to as low as $8, and has risen to over 30 times its initial value. What exactly has SOL achieved?
Overall Data Performance
Currently, Solana has carved out its own path, with representative ecological projects in AI, DeFi, and staking, and its overall data performance is noteworthy.
According to solscan data, Solana's TPS has maintained fluctuations around 3000, with network performance remaining relatively stable.
As a key indicator, the number of active wallet addresses has also performed impressively. Although there has been a decline since the mid-year market downturn, it has evidently not had much negative impact on the number of active wallet addresses on Solana, which has surged from 1 million to a peak of 8.8 million.
After a brief period of low activity, the number of new accounts has quickly rebounded, now exceeding 20 million.
Meme Wave
"Not participating in memes on Solana is like not engaging in DeFi during the last cycle."
It can be said that the current bull market's meme wave has occurred on Solana, giving rise to countless wealth effects and meme projects. As the native token for purchasing memes, the market's demand for memes has indirectly boosted the demand for SOL, leading to an increase in its price.
The above chart shows that since September of this year, the number of priority transaction fees has surged from around 3000 to 55,000, a 15-fold increase, reflecting investors' enthusiasm for memes on the Solana chain.
As of now, according to CoinmarketCap data, projects with a market capitalization exceeding $1 billion include BONK, WIF, POPCAT, and PUNT, while those in the $100 million to $1 billion range include GOAT, MEW, BOME, ACT, LUCE, ai16Z, MICHI, and many others, significantly outperforming Ethereum and the later Base chain.
Solana Spot ETF Expected to Advance
After the approval of the Ethereum spot ETF in mid-year, many investors have high hopes for a Solana spot ETF. In August, the SEC rejected Cboe's application for a Solana spot ETF 19b-4, causing related applications to cool down.
On November 21, FOX Business reporter Eleanor Terrett stated that, according to two informed sources, negotiations between SEC staff and issuers hoping to launch a SOL spot ETF have made progress. The SEC is currently processing the S-1 application for the SOL spot ETF. These sources indicated that it is "very likely" that in the coming days, exchange representatives will submit some 19b-4 documents for potential issuers, which is the next step in the ETF approval process.
With the crypto-friendly Trump set to return to the White House, past stringent regulations may ease. On November 22, U.S. official news reported that SEC Chairman Gary is set to officially resign on January 20, coinciding with Trump's inauguration.
Notably, Chris Giancarlo, known as the "crypto godfather," has become a popular contender for the new SEC chairman position, as Trump's transition team is considering appointing this new government role. Giancarlo is the former chairman of the U.S. Commodity Futures Trading Commission (CFTC) and one of the founders of the Digital Dollar, possessing deep insights into the development of Web3 and digital currencies. He has participated in multiple discussions regarding cryptocurrencies, central bank digital currencies (CBDCs), and stablecoins, emphasizing the importance of these emerging technologies and financial tools for the future.
Bloomberg senior ETF analyst Eric Balchunas has stated, "The changes in the new U.S. president and SEC leadership could make anything possible by 2025."
How High Can Solana Go?
Trader Eugene: SOL price between $500 and $1000
At the end of September this year, top trader Eugene Ng Ah Sio posted on social media that the second phase of the current 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 based on the assumption of "Trump winning the election and a soft landing for the U.S. economy." The specific range is:
BTC: $100,000 - $200,000;
ETH: $4,000 - $6,000;
SOL: $500 - $1,000;
Total crypto market cap: $5 trillion - $10 trillion.
VanEck: Optimistic about SOL reaching $330 this cycle
U.S. asset management giant VanEck has also expressed optimism about Solana, predicting in a report on September 25 that Solana's price will reach $330, soaring to 50% of Ethereum's market cap at that time.
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