Solana climbs above $200, bitcoin hits new high amid extended post-election rally
2024-11-08

Solana climbed above the $200 mark, while bitcoin reached a new all-time high of $76,873 earlier today amid a market rally driven by former U.S. President Donald Trump’s election victory.
Solana gained 6.2% over the past 24 hours to currently change hands at $200 at the time of writing, according to The Block’s price page. Bitcoin added 0.6% to trade at $75,984 after it reached a new high on the same day, while ether rose 3.4% to $2,911.
Meanwhile, the S&P 500 closed up 0.7% on Thursday, and the Nasdaq Composite rose 1.5%, both reaching record closing highs as the U.S. stock markets extended their post-election rally.
“The recent [crypto] market rally is driven by Trump’s election victory, signaling a potentially more crypto-friendly administration, along with expected FOMC results, which have pushed stocks to all-time highs,” Min Jung, research analyst of Presto Research, told The Block.
Jung said that Solana has been a standout, “fueled by strong memecoin activity that has sometimes led it to surpass Ethereum in transaction fees” and that this has “supported the wider Solana ecosystem, including decentralized exchanges like Raydium.”
In October, Solana had its highest-ever monthly number of active addresses, over 123 million, according to The Block’s data dashboard. The number of unique addresses that signed transactions across Solana increased by over 42% from September’s figure. On Solana, the rise of pump.fun tokens have been a major driver of DEX volume, with Raydium recording over $30 billion in trading volume last month, according to DefiLlama data.
While Trump’s upcoming return to the White House might have boosted optimism about the potential approval of spot solana exchange-traded funds, the recent price movements were likely “driven by strong fundamentals and continued high on-chain activity,” Jung said. 
“There is certainly an element of hope that is pushing up Solana price which includes a possible ETF approval, however, the timeline is still too far away to have a meaningful impact on the current price,” Jung added. “It's more likely that expectation of favorable policy towards digital assets is pushing up the asset prices, especially in names such as Solana where there is a strong community of holders.”
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