Solana above $200, what's behind it?
The fourth-largest cryptocurrency by market capitalization, Solana, rises above $200.
Solana, the fourth-largest cryptocurrency by market capitalization, is climbing above $200. This level was reached by the smart contract platform in the night of November 8, Dutch time. At the time of writing, Solana is trading around $202. The last time Solana traded above $200 was on April 1 of this year.
Solana's market capitalization stands at $95 billion — a record high. The platform rose 7.4% in the last 24 hours. By comparison, Bitcoin rose only 1.3% in the same period. However, Solana is still 22% below its all-time high of $259.
A boost for SOL is coming from the US political climate. The Trump administration, taking office in January 2025, is viewed as very crypto-friendly. Solana investors are hoping for approval of a Solana ETF during Trump's term. The market seems to be pricing in this higher likelihood already.
Another positive factor for SOL's performance is likely the launch of cbBTC on Solana.
As Coinbase announced yesterday, on November 7, the Bitcoin derivative is now available on Solana in addition to Base Chain. cbBTC is a 1:1 backed synthetic Wrapped-Bitcoin derivative that enables BTC use for DeFi applications.
