The leading cryptocurrency Bitcoin started the day with a new record today. Solana also followed suit. Today, the Solana (SOL) price reached an all-time high of $261. This new peak surpassed the previous record set in November 2021. Compared to the bottom in December 2022, Solana’s price has increased 32 times. This impressive rise has become a major focus for investors and the crypto world.
Solana’s Difficult Rise
Solana hasn’t had an easy time reaching new highs. After its record high in 2021, it has seen a major decline along with the general crypto bear market in 2022. Network outages and technical issues have added pressure on the price, while the FTX crash in November 2022 has dragged Solana’s price down to $8.
Despite these negatives, Solana has made a remarkable recovery since its lows. Now, SOL fans believe that the platform could overtake Ethereum in terms of market cap. “Solana has been at the top of the market cap for a long time,” said Birch, founder of PathCrypto. Birch also stated that the rise in the price of SOL will continue for a while. The expectation is that the price will rise above $300 in the short term.
Gensler’s Resignation and ETF Hopes
Solana’s strong rally coincides with plans for the resignation of US SEC Chairman Gary Gensler , who was known for his strict regulatory stance on cryptocurrencies. However, the change has raised hopes that a more crypto-friendly administration will take over, and it has also raised the possibility of Solana being backed by an exchange-traded fund (ETF).
Fox Business journalist Eleanor Terrett noted that the SEC has been more forthcoming on the Solana spot ETF application. “The SEC is making progress on the SOL spot ETF application,” Terrett said. While previous ETF attempts have faced regulatory hurdles, the changing political landscape has created new hope.
Prospects for the Solana ETF
Recent applications for the Solana ETF from companies like Canary Capital and BitWise suggest growing investor interest. However, the likelihood of a SOL ETF being approved in 2024 is still low, with the odds assessed at just 4%, according to Polymarket data.
Meanwhile, the crypto community is also closely monitoring Bitcoin’s approach to the $100,000 level. On Friday, Bitcoin recorded a new high of $99,300. This critical milestone could have significant implications not only for Bitcoin but also for other cryptocurrencies like Solana.
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