Solana (SOL) Hits New All-Time High Record of $260 as Crypto-Related Products Boost the Token Price

Solana spot exchange-traded fund (ETF) has been proposed by several companies, including Bitwise, VanEck, 21Shares, and Canary Capital

Solana (SOL), a prominent blockchain, has achieved a new all-time high record of $260, fueled by filings for Solana's crypto-related products that are boosting the token price.

Several companies, including Bitwise, VanEck, 21Shares, and Canary Capital, have applied to the Securities and Exchange Commission (SEC) to launch a Solana spot exchange-traded fund (ETF).

The move follows the commission's approval of Bitcoin and Ethereum spot ETFs earlier this year. Notably, Bitcoin even had trading options from BlackRock and Grayscale, contributing to a price surge to $99k.

After the filings, the SOL (SOL) price price surged 11.12% in a day to $260. The token price also surged 383% in the past year, narrowing the gap to the 3rd rank by market capitalization, held by Tether (USDT) with $130 billion.

The token market capitalization increased to $124 billion, and the trading volume also surged to $11.3 billion or 75% in just a day. At the time of writing, the price keeps rising to $262.

Solana's total value locked (TVL) grew 3.17% in a day to $8.74 billion, as reported by DefiLlama on Nov. 22. While not the highest yet, the TVL number has surged significantly in the past year, considering it was only $353 million in October 2023.

All the top decentralized finance (DeFi) ranks under the blockchain have climbed, ranging from 3.90% to $11.50% daily. Binance staked SOL (BNSOL) even surged into three digits, equal to 333% in a month.

Solana ETF latest update

Solana ETFs 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.

The status of these filings may not be decided due to Gery Gensler's leadership in the commission, but the industry has noted changes after Trump won the election.

Gensler also announced his resignation on November 21, before Trump's administration began on January 20, 2025. This decision could boost the cryptocurrency price in the future as the newly formed government wanted to be friendlier and more adaptable with digital asset development.