Continuing its remarkable recovery from a crypto downturn that saw prices plunge over 95%, Solana's SOL has eclipsed its previous record from October 2021.

Currently, SOL is trading slightly above $263, reflecting an increase of 11% over the last 24 hours and nearly 360% year-on-year.

The record-breaking price surge follows the collapse of the FTX and Alameda Research empires, which were critical supporters of the Solana ecosystem, causing SOL to reach a low of $8 in late 2022.

Now, bolstered by active meme trading and a rise in DeFi activities on its network, Solana is experiencing a resurgence, further supported by growing institutional interest. Predictions for a U.S.-based spot Solana ETF have escalated following Donald Trump's election, with indications that SEC Chairman Gary Gensler may resign shortly after Trump assumes office.