Solana (SOL) has just reached an incredible milestone, hitting a new all-time high of $260. This surge in price comes as several companies propose spot exchange-traded funds (ETFs) based on the Solana blockchain, showcasing the growing interest and investment in this innovative cryptocurrency.
This recent spike follows a similar trend in the cryptocurrency market where the SEC has begun approving ETF applications for leading cryptocurrencies like Bitcoin and Ethereum. The approval for Bitcoin and Ethereum spot ETFs earlier this year has paved the way for Solana’s potential inclusion in the financial markets. Key players like Bitwise, VanEck, 21Shares, and Canary Capital have already filed their proposals with the SEC, raising hopes among investors.
In the wake of these filings, Solana’s price surged by an impressive 11.12% in just 24 hours, bringing its annual gains to a staggering 383%. This remarkable performance has secured Solana the third position by market capitalization, narrowly trailing behind Tether (USDT) with a market cap now exceeding $130 billion.
As of November 22, 2024, Solana’s market capitalization has risen to approximately $124 billion, with a 24-hour trading volume reaching a record high of $11.3 billion, reflecting a significant increase of 75%. Further reinforcing the bullish trend, Solana’s total value locked (TVL) has seen a daily increase of 3.17%, standing at $8.74 billion, a remarkable growth considering it was only $353 million in October 2023.
The marketplace is optimistic about the potential approval of Solana ETFs, which could dramatically enhance its visibility and trading volumes. Experts believe that the anticipated changes in the regulatory landscape, particularly with Gery Gensler’s recent resignation from the SEC, could create a more favorable environment for cryptocurrency innovations, thus driving Solana’s price even higher.
With the cryptocurrency sector poised for significant growth, Solana’s developments are attracting considerable attention from both retail and institutional investors. As the ecosystem expands, many are left wondering if Solana has the potential to outpace Ethereum in the near future. The upcoming months may be pivotal in determining this trajectory.
