Solana Hits New All-Time High After 3 Years
on Friday, Solana (Sol) surged to a new all-time high (ATH) and is currently trading around $261. The breakthrough surpassed the previous peak set in November 2021.
Solana’s rise to a new ATH marks a more than 32x increase from the lows recorded in December 2022.
Gary Gensler plans to resign, Solana hits record high
Solana’s path to new heights has been anything but easy. After reaching previous highs in 2021, the platform faced the downturn of the broader cryptocurrency bear market in 2022, which was further exacerbated by technical issues and technical issues. Network downtime.
this FTX crash In November 2022, Solana’s price dropped to around $8.
However, Solana has since staged a remarkable recovery, growing more than 32x from its lows. Now, Solana enthusiasts believe SOL may eventually surpass Ethereum (ETH) In terms of market capitalization.
“In fact, Solana’s market capitalization has been at an all-time high for some time. Now, we are finally entering the price discovery phase. The flip is coming,” Birch, founder of PathCrypto, explain.
News of Solana’s market cap soaring SEC Chairman Gary Gensler plans to resignIt is scheduled to take place on January 20, 2025, when Donald Trump takes office.
Gensler was known for his strict regulatory stance on cryptocurrencies, and his departure signals a possible shift toward a more crypto-friendly government. This political change therefore fueled speculation about the approval of a bill. Solana Exchange Traded Fund (ETF). According to Fox Business News reporter Eleanor Treat, The SEC has begun engaging with issuers Explore the possibilities with Solana ETFs.
“Talks between SEC staff and issuers looking to launch a Solana spot ETF are “making progress,” with the SEC currently processing an S-1 filing. Recent staff involvement, coupled with an incoming pro-crypto administration, is triggering There’s renewed optimism that the Solana ETF could be approved sometime in 2025, said Terrett. claim.
Previous efforts to launch Solana ETFs have been stalled by regulatory hurdles, often halting early. However, the changing political environment and the SEC’s increasingly open attitude have reignited the crypto community’s hopes. Recently Submitted Solana ETF Applications Canary Capital and bitwise Reflecting growing interest and expectations for regulatory approval.
Despite these encouraging developments, the likelihood of the Solana ETF being approved in 2024 remains low, with Polymarket estimating the likelihood at around 4%.
Meanwhile, the crypto community is paying close attention Bitcoin approaches the much-anticipated $100,000 mark. Bitcoin hit a new high of around $99,300 on Friday. The milestone is seen as a pivotal moment for Bitcoin and could impact other cryptocurrencies, including Solana.
Disclaimer
follow trust project BeInCrypto is committed to fair and transparent reporting. This news article is designed to provide accurate and timely information. However, readers are advised to independently verify the facts and consult a professional before making any decisions based on the content of this article. Please note that our terms and Conditions, privacy policyand Disclaimer Updated.
