Solana (SOL) has reached a new milestone, hitting an all-time high of $260, a surge fueled by growing interest in its crypto-related products. This significant price increase follows recent proposals from several firms, including Bitwise, VanEck, 21Shares, and Canary Capital, for a Solana spot exchange-traded fund (ETF) to the U.S. Securities and Exchange Commission (SEC). The move comes after the SEC approved spot ETFs for Bitcoin and Ethereum earlier this year, which contributed to Bitcoin’s price reaching $99,000.
Solana’s price surged 11.12% in just 24 hours, bringing its total market capitalization to $124 billion. The token’s trading volume spiked 75%, reaching $11.3 billion, reflecting growing investor confidence. As of writing, Solana’s price stands at $262, continuing its upward momentum.
Over the past year, Solana’s token has seen an impressive 383% increase in value, positioning it as the third-largest cryptocurrency by market capitalization, just behind Tether (USDT) at $130 billion. In parallel, Solana’s Total Value Locked (TVL) saw a 3.17% increase in one day, reaching $8.74 billion—an extraordinary rise from just $353 million in October 2023.
The decentralized finance (DeFi) ecosystem on Solana has also experienced significant growth, with daily rankings climbing by 3.90% to 11.50%. Notably, Binance’s staked SOL (BNSOL) has surged by 333% in the past month.
As the Solana ETF moves closer to potential approval, market sentiment remains high. With Bitwise leading the charge, other issuers like VanEck, 21Shares, and Canary Capital are filing S-1 documents in anticipation of regulatory decisions. While the future of these filings remains uncertain under SEC Chairman Gary Gensler’s leadership, the industry expects positive changes following Gensler’s resignation on November 21, which may boost the cryptocurrency market once Trump’s administration takes office in 2025.
Solana’s explosive growth, coupled with a growing DeFi ecosystem and the potential approval of its ETF, has positioned the blockchain for continued success in the evolving crypto landscape.
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