Solana (SOL) Reaches New All-Time High of $260 as Crypto-Related Product Filings Surge

Several companies, including Bitwise, VanEck, 21Shares, and Canary Capital, have proposed the spot exchange-traded fund (ETF) with the Securities and Exchange Commission (SEC).

Solana (SOL), a crypto asset that is widely recognized globally, has just attained a new all-time record high, reaching a price of $260. This surge can be attributed to the increasing filings for Solana crypto ETF (exchange-traded fund) products, which are driving up the token price.

Several companies, including Bitwise, VanEck, 21Shares, and Canary Capital, have filed for a spot exchange-traded fund (ETF) with the Securities and Exchange Commission (SEC).

Earlier this year, the commission approved Bitcoin and Ethereum spot ETF. Additionally, Bitcoin even had trading options from BlackRock and Grayscale, which pushed the price up to $99k.

Following these filings, the SOL price spiked by 11.12% in a single day, reaching $260 as per the Solana price prediction. Over the past year, the token price has skyrocketed by 383%, propelling it to the 3rd rank by market capitalization, behind Tether (USDT) with $130 billion.

At the time of writing, the token market capitalization had surged to $124 billion, and trading volume increased to $11.3 billion or rose by 75% in just a day. The price continued to rise, reaching $262.

According to data from DefiLlama on Nov. 22, Solana’s total value locked (TVL) rose by 3.17% in a day and currently stands at $8.74 billion. Meanwhile, the TVL number has spiked significantly over the past year, as it was only $353 million in October 2023.

All the top decentralized finance ranks under blockchain have moved up, ranging from 3.90% to $11.50% daily. Binance staked SOL, or BNSOL, even jumped into three digits, showing an increase of 333% in a month.

Solana ETF update

Solana ETF in the United States could be available in the stock market next year, as the market is already factoring in the approval. Bitwise was the last to file the S-1 documents, following the other three ETF issuers: VanEck, 21Shares, and Canary Capital.

While the fate of these filings may still be up in the air due to Gery Gensler's leadership in the commission, the industry has observed changes after Trump won the election.

Before the Trump administration began on January 20, 2025, Gensler had already resigned on November 21. This resignation may bode well for cryptocurrency prices in the future as the new administration is expected to be friendlier and more adaptive towards digital asset development.