Solana and Bitcoin Surge Amid Market Rally

Solana climbed above the $200 mark, while Bitcoin reached a new all-time high of $76,873 earlier today, driven by a market rally following former U.S. President Donald Trump’s election victory.

Solana gained 6.2% over the past 24 hours, trading at $200 at the time of writing, according to The Block’s price page. Bitcoin added 0.6% to trade at $75,984 after setting a new high, 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 noted that Solana has been a standout, “fueled by strong memecoin activity that has sometimes led it to surpass Ethereum in transaction fees,” thus supporting the wider Solana ecosystem, including decentralized exchanges like Raydium.

In October, Solana recorded its highest-ever monthly number of active addresses, surpassing 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. The rise of pump.fun tokens has significantly driven DEX volume, with Raydium recording over $30 billion in trading volume last month, according to DefiLlama data.

While Trump’s potential return to the White House might have boosted optimism over the approval of spot Solana exchange-traded funds, recent price movements were likely “driven by strong fundamentals and continued high on-chain activity,” Jung noted.

“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 the expectation of favorable policy towards digital assets is pushing up asset prices, especially in names such as Solana, where there is a strong community of holders.”