Solana experienced a rollercoaster week, starting with a 14% decline from October 31 to November 5 due to pre-election market uncertainty. However, the tide turned dramatically on election day, with SOL surging 15% to $187, erasing weekly losses and flipping BNB to become the fourth-largest cryptocurrency by market cap.
Key Highlights
- SOL Price Surge: Jumped 15% post-election, hitting $187.
- Market Cap: $87.84 billion, surpassing BNB.
- DeFi TVL: $6.326 billion, cementing Solana’s DeFi dominance.
- Daily Active Addresses: 5.7 million, showcasing robust network activity.
- 24H Trading Volume: $6.24 billion, doubling pre-election figures.
Catalysts for SOL’s Rally
- Trump’s Pro-Crypto Stance: The president-elect’s supportive policies fueled market optimism.
- Trading Volume Spike: Over $6 billion in 24H volume signaled heightened investor interest.
- ETF Race: Three firms (VanEck, 21Shares, Canary Capital) vie for the first U.S. Solana ETF.
Solana Ecosystem Performance
Top Gainers (7 Days)
- Raydium (RAY): +11.68%
- Solana (SOL): +3.22%
Top Losers (7 Days)
- Popcat (POPCAT): -13.83%
- Arweave (AR): -12.94%
👉 Explore Solana’s DeFi ecosystem
Meme Coins & DePIN
- Meme Coins: Retardio (+59.34%) led weekly gains; WIF dominated trading volume.
- DePIN Tokens: XNET surged 39% weekly; Render and Helium dipped 10–14%.
NFTs
Solana commands 40% of daily NFT users, dwarfing Ethereum and Base.
Institutional Interest & Developments
- Q3 DApp Investments: $173 million, highest since 2022.
- PYTH ETN: Launched in Europe, broadening Solana’s institutional reach.
FAQ
Q: Why did SOL price surge after the election?
A: Trump’s crypto-friendly policies reduced regulatory fears, boosting investor confidence.
Q: What’s Solana’s DeFi TVL?
A: $6.3 billion, with $1.6B daily DEX volume.
Q: Which Solana ETF applicants are leading?
A: VanEck, 21Shares, and Canary Capital have filed with the SEC.
Actionable Insights
- Track Solana-based DApps for institutional inflows.
- Monitor ETF approval timelines.
- Watch SOL price action post-BNB flip.
Solana’s blend of speed, low fees, and thriving ecosystem positions it as a top-tier blockchain for 2024.
Disclaimer: This content is for informational purposes only. Conduct your own research before making financial decisions.
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