Solana (SOL) Price Records a Pump of +36% in the Last 7 Days

The crypto market rally has also driven up the price of Solana (SOL), which is close to its all-time high recorded in 2021.

The price of Solana (SOL) has recorded a pump of +36% in the last 7 days, bringing it closer to its all-time high.

Currently, SOL is trading at $222, influenced by the crypto rally sparked by Donald Trump's victory in the 2024 USA Presidential elections.

At the time of writing, SOL's price is less than 20% away from its all-time high of $260, reached in November 2021.

In terms of market capitalization, SOL ranks fourth overall, with 105.66 billion dollars.

Since November 6, Solana has overtaken BNB (which dropped to fifth place in the ranking) in market cap. BNB's market cap currently stands at 94 billion dollars.

Moving on to the last 24 hours, the price of SOL is up by 8%, while the transaction volume has increased by 23%, reaching a total of 10.86 billion dollars traded.

Apart from the general crypto rally, SOL's current price increase may also be attributed to its achievements in the DeFi, NFT, and memecoin sectors.

According to data from DefiLlama, the Total Value Locked (TVL) of Solana has reached 7.8 billion dollars. This marks a record for Solana since December 2021.

In the dApp field, Jito, Raydium, Drift, and Binance's liquid staking are contributing significantly to the 36% growth in deposits.

In the memecoin realm, the Solana ecosystem hosts some of the most famous ones, including Dogwifhat (WIF) and Bonk (BONK), which are ranked fourth and fifth, respectively, in the memecoin market cap league.

Both WIF and BONK are experiencing substantial price pumps. At the time of writing, WIF is priced at $3.20, up by 57% compared to seven days ago. BONK, on the other hand, is trading at $0.000033, up by 75% over the past week.

Solana is also seeing further growth in the Non-Fungible Token (NFT) space.

Over the last 30 days, Magic Eden, the primary NFT marketplace of Solana, registered 77,160 addresses, while OpenSea on Ethereum had only 37,940 active addresses during the same period.