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Cryptocurrency News Articles

SOL Shatters Fresh All-Time High Above $260, Boosted by Bullish Crypto Performance and Exchange-Traded Fund Filings Flooding In After Gary Gensler's Departure

Nov 23, 2024 at 01:20 am

The native token of the Solana network shattered a fresh all-time high above $260, boosted by recent crypto-wide bullish performance and SOL exchange-traded fund filings flooding in after Gary Gensler's departure.

SOL Shatters Fresh All-Time High Above $260, Boosted by Bullish Crypto Performance and Exchange-Traded Fund Filings Flooding In After Gary Gensler's Departure

Solana's native token, SOL, hit a fresh all-time high of $262.93 on Friday, fueled by the recent bullish performance in the broader crypto market and the influx of Solana exchange-traded fund (ETF) filings following the departure of Gary Gensler.

According to data from CoinGecko, SOL's new record comes two years after the spectacular implosion of Sam Bankman-Fried's crypto empire, FTX and Alameda Research, which heavily impacted Solana's price due to their key roles in the SOL ecosystem.

Solana has been a standout performer in this bull cycle, with the token quickly scaling past the previous record high of $260 on Friday, setting a new all-time best.

The coin reached a high of $262.93, marking a 7% gain for the day, 21% over the last week, and 54% on the month. To put Solana's huge rebound in perspective, the coin's one-year growth is currently at 367.9%, more than quadrupling in value over that period.

Solana had plunged to as low as $8 in late 2022 following the scandalous collapse of FTX, which had close ties to Solana and its now-convicted former CEO Sam Bankman-Fried. However, the crypto has made a massive comeback in the last two years.

The latest surge above $260 earlier today came after the announcement that Gary Gensler, the SEC chair who spearheaded the agency's crypto crackdown, will leave office on the day of Donald Trump's presidential inauguration.

On Thursday, the Cboe BZX Exchange submitted four 19b-4 filings for firms to introduce spot Solana exchange-traded funds (ETFs) in the United States.

The 19b-4 filings are distinct from the S-1 registration forms, which VanEck and 21Shares already submitted for their potential Solana funds in June and Canary Capital filed in late October.

As previously reported by ZyCrypto, Bitwise registered a statutory trust in Delaware for a spot Solana ETF on Wednesday, indicating that it would join the SOL ETF race. Bitwise then officially filed its S-1 registration statement on Nov. 21.

If the SEC approves, Bitwise, VanEck, 21Shares, and Canary Capital will have their ETFs listed on the Chicago Board Options Exchange's BZX Exchange.

After the launch of spot SOL ETFs in Brazil, many crypto industry participants are hopeful that similar SOL ETF products will soon debut in the U.S.

News source:zycrypto.com

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