Solana (SOL) has reached a significant milestone, surpassing a $100 billion market capitalization for the first time. On Nov. 7, the cryptocurrency’s market cap hit a record $101.09 billion, with SOL’s price climbing to $214.06 after an 8.36% surge over 24 hours. This places Solana as the fourth-most valuable cryptocurrency, underscoring its rapid rise and the resilience of the broader digital asset market.
The total cryptocurrency market capitalization climbed 6.37% to $2.75 trillion, bolstered by a series of major events, including Donald Trump’s U.S. presidential election win and a 25-basis-point interest rate cut by the Federal Reserve. Bitcoin also hit new highs, trading above $80,000, while Ethereum rallied past $3,200, demonstrating the renewed investor interest in cryptocurrencies.
A key driver of Solana’s momentum has been its position in the emerging meme coin sector. Decentralized exchanges (DEXs) on Solana, such as Pump.fun, reported revenue of $30.5 million in October, while Raydium saw its trading volume reach an impressive $30 billion. The network’s appeal is further highlighted by a sharp increase in user adoption, with unique addresses on Solana rising 42% from September to over 100 million—a substantial jump from 509,000 active monthly addresses earlier in the year.
Solana’s growing ecosystem, driven by user adoption and thriving DEXs, reinforces its position as a top player in the crypto space, with experts closely watching its continued evolution.
