SOL Price Reaches New All-Time High of $263.70 Following ETF Filings
Earlier today, Solana price #SOL surged by 12%, reaching a new all-time high of $263.70 and boosting its market cap to over $124.90 billion. This increase coincides with the Cboe Exchange's submission of four 19b-4 filings for spot Solana ETFs from asset managers VanEck, Bitwise, 21Shares, and Canary Capital.
The collapse of FTX in November 2022 caused SOL to drop to $10; since then, it has recovered significantly, achieving 373% gains over the last year, making it one of the top-performing altcoins in 2024.
A key factor in the recent SOL price rally is the rise of Solana-based meme coins, which have generated substantial trading revenue for the Solana blockchain. Additionally, decentralized finance (DeFi) on Solana has expanded dramatically, with total value locked (TVL) increasing by 500% in 2024 to reach $8.916 billion, according to data from DeFiLlama.
On-chain analyst Titan of Crypto has identified a bullish trend in Solana’s monthly chart, highlighting a breakout forming a cup-and-handle pattern known for its reliability. This historical pattern has a 95% success rate and an average profit yield of 54% post-breakout, suggesting strong upside potential for Solana. The analyst indicated that if SOL surpasses its previous ATH, it could potentially rise to $400.
Spot Solana ETF Filings Trigger SOL Price Rally
The Cboe BZX Exchange's recent 19b-4 filings for spot Solana ETFs occurred alongside US SEC Chair Gary Gensler's resignation announcement, effective January 20. Fox Business journalist Eleanor Terret reported that the SEC now has up to 15 days to acknowledge these filings and publish them in the federal register.
A 19b-4 filing informs the SEC of a proposed rule change by a self-regulatory organization, differing from S-1 registration statements submitted earlier by VanEck and 21Shares in late June, followed by Canary Capital on October 30. On November 20, Bitwise also submitted its statutory trust in Delaware for the Solana ETF, later filing for the S-1 on November 21.
Industry experts predict a more favorable regulatory environment for cryptocurrencies under a Donald Trump administration, potentially leading to increased crypto ETF filings like those submitted on November 21.
SCOOP: Former SEC commission Paul Atkins is said to be in the lead position to replace @GaryGensler as @SECGov chair, according to a person with direct knowledge of the matter. As with all things in Trump World this could change, of course. Fox Business has previously reported…
— Charles Gasparino (@CGasparino) November 21, 2024
Investors are optimistic about new SEC leadership, with pro-crypto Commissioner Paul Atkins reportedly in line to succeed Gary Gensler.