Solana Hits All-Time High Price Two Years After FTX Nearly Sent It to Zero

After three long years, Solana (SOL) has finally broken its all-time high price record, setting a new milestone above $260 on Thursday. Solana rose above the previous $260 record mark early Thursday afternoon, per data from Coinbase, continuing the asset’s recent hot streak following the U.S. presidential election win of crypto candidate Donald Trump earlier this month.

The jump also came following word that Gary Gensler, the SEC Chairman who led the regulator’s crypto industry crackdown, will resign on January 20, 2025as Trump comes into office. SOL is up 11% on the day, 23% over the last week, and 55% on the month. And to really put Solana’s journey in perspective, the token’s one-year surge currently stands at 386%, more than quadrupling in value during that span. Solana surged to its previous high-price peak back in 2021, drawing substantial hype as a faster and cheaper rival to Ethereum.

But the buzz gradually cooled the following year amid a broader crypto bear market and also technical issues, including downtime for the network. Eventually, SOL plunged to a price of nearly $8 before the end of 2022 following the collapse of crypto exchange FTX, as Solana was closely aligned with the company and its infamous founder, Sam Bankman-Fried.

Solana has made strides in the two years since then, however, with believers continuing to build on the chain as developers make efforts to boost stability, plus Solana Labs has expanded its efforts into mobile phone hardware and apps. Of course, Solana isn’t the only major coin to set an all-time high price recently. Bitcoin pushed past its own previous peak of nearly $74,000 on Election Day and has only continued to surge, topping $98,000 for the first time earlier Thursday.