As a seasoned analyst with over two decades of experience in the financial markets, I must say that the recent surge of Solana (SOL) to a new all-time high is nothing short of remarkable. The proposed ETFs by major players such as Bitwise, VanEck, 21Shares, and Canary Capital have undoubtedly played a significant role in this price rally.
Globally recognized blockchain platform, Solana (SOL), has surpassed its previous peak by reaching an impressive $260. The increasing demand for Solana’s cryptocurrency-associated products is driving up the value of the token.
Multiple organizations such as Bitwise, VanEck, 21Shares, and Canary Capital have submitted a proposal for a Solana spot exchange-traded fund (ETF) to the U.S. Securities and Exchange Commission (SEC).
Following the commission’s approval of a spot ETF for Bitcoin and Ethereum earlier in the year, this action took place. Currently, trading options for Bitcoin are available from entities like BlackRock and Grayscale, which has driven its price up to approximately $99k.
Following the fillings, SOL’s price jumped an impressive 11.12% in a single day, reaching $260. Over the past year, this token’s price has skyrocketed by a staggering 383%, pushing it up to the third spot in terms of market capitalization, just behind Tether (USDT) with approximately $130 billion.
In just one day, the market value of the tokens surged to an impressive $124 billion, while trading activity skyrocketed to a massive $11.3 billion, marking a significant 75% increase. To add to that, the price has been steadily climbing and currently stands at approximately $262.
On November 22nd, DefiLlama reports that Solana’s Total Value Locked (TVL) experienced a daily growth of 3.17%, reaching approximately $8.74 billion. While it hasn’t yet reached its highest level, the TVL figure has seen substantial increases over the past year. In fact, just one year ago in October 2023, the TVL was only $353 million.
The rankings of top decentralized finance (DeFi) platforms under the blockchain have significantly increased over the past day, with gains ranging from approximately 3.90% to as high as $11.50%. Notably, Binance‘s staked Solana (BNSOL) has seen a remarkable surge, reaching three digits and representing a staggering increase of around 333% over the past month.
Solana ETF update
Solana ETF in the United States may appear in the stock market next year, but the market is already confident with the approval. Bitwise was already filling the S-1 documents following the three other ETF issuers, including VanEck, 21Shares, and Canary Capital.
Despite the fact that the status of these fillings remains undecided under Gery Gensler’s leadership at the commission, the industry has observed shifts following Donald Trump’s victory in the election.
As a crypto investor, I’m excited about the news that Gensler stepped down on November 21, prior to the inauguration of Trump’s administration on January 20, 2025. This move could potentially spur higher prices in the future, as the new government seems open and flexible towards digital asset growth, which is a positive development for the crypto space.
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2024-11-22 07:32