On Friday, Solana (SOL) soared to a brand new all-time excessive (ATH), now buying and selling at roughly $261. This breakthrough surpasses its earlier peak set in November 2021.
Solana’s rise to a brand new ATH marks a rise of over 32 occasions from its lows recorded in December 2022.
Solana Hits All-Time Excessive as Gary Gensler Plans Resignation
Solana’s path to this new excessive has been something however easy. After reaching its earlier excessive in 2021, the platform confronted a downturn in 2022 amid a broader crypto bear market, additional exacerbated by technical points and community downtimes.
The collapse of FTX in November 2022 pushed Solana’s worth all the way down to round $8.
Nonetheless, Solana has since made a exceptional restoration, rising greater than 32-fold from its low. Now, Solana fans imagine that SOL might finally outpace Ethereum (ETH) in market capitalization.
“Solana has been at an all-time excessive by market cap for some time truly. Now, we’re lastly in worth discovery. The flippening is coming,” Birch, the founding father of PathCrypto, mentioned.
The surge in Solana’s market worth coincides with the information of SEC Chairman Gary Gensler’s deliberate resignation, slated for January 20, 2025, as Donald Trump assumes workplace.
Identified for his strict regulatory stance on cryptocurrencies, Gensler’s departure indicators a possible shift towards a extra crypto-friendly administration. Consequently, this political change is stoking speculations in regards to the approval of a Solana exchange-traded fund (ETF). In line with Fox Enterprise journalist Eleanor Terrett, the SEC has begun participating with issuers to discover the potential for a Solana ETF.
“Talks between SEC employees and issuers trying to launch a Solana spot ETF are “progressing” with the SEC now participating on S-1 functions. Latest engagement from employees, coupled with the incoming pro-crypto administration, is sparking a renewed sense of optimism {that a} Solana ETF might be authorized someday in 2025,” Terrett claimed.
Earlier efforts to launch a Solana ETF had been stalled by regulatory roadblocks, typically stopping early within the course of. Nonetheless, the altering political setting and the SEC’s elevated openness have reignited hopes throughout the crypto neighborhood. Latest filings for a Solana ETF by Canary Capital and BitWise mirror a rising curiosity and anticipation for regulatory approval.
Regardless of these encouraging developments, the chances of a Solana ETF approval in 2024 stay low, with Polymarket estimates putting it at round 4%.
In the meantime, the crypto neighborhood can be intently watching Bitcoin because it approaches the extremely anticipated $100,000 mark. On Friday, Bitcoin recorded a brand new excessive of about $99,300. This milestone is seen as a pivotal second for Bitcoin and will affect different cryptocurrencies, together with Solana.
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