Solana Soars 10%, Reaches New All-Time High Market Cap: What Is Going On?

Solana SOL/USD is up 10% on the day and closing in on its all-time high as new Solana spot ETF filings indicate continued institutional interest.

What Happened: Eleanor Terrett of Fox Business on Thursday tweeted that the SEC is reportedly engaging with issuers interested in launching a Solana spot ETF, with progress being made on S-1 applications, citing sources familiar with the matter.

Issuers like VanEck, 21Shares and Canary Funds have already filed S-1s, while Bitwise recently announced its intent to do so.

Exchanges like Cboe Global Markets CBOE are expected to submit 19b4 filings on behalf of these issuers soon, a key step in seeking SEC approval to list these ETFs.

Once filed, the SEC has 240 days to approve or deny the products. However, the filing of the 19b4's does not guarantee an approval by the SEC.

While prior 19b4 filings for similar products were withdrawn, industry optimism is growing due to increased SEC engagement and the potential for a more pro-crypto regulatory stance under the incoming administration.

A decision on a Solana ETF could come as early as 2025 and be made by the successor of current SEC Chair Gary Gensler, who announced his resignation effective January 20, 2025.

Also Read: Raoul Pal Bullish On Solana And Memes: ‘Dogecoin Does Nothing, Does Nothing And Then Explodes’

Trader Notes: Crypto trader Cold Blooded Shiller emphasized that Solana has climbed 35% since his initial recommendation during its consolidation phase.

After five months of sideways price action within a high-timeframe range, the recent rally has renewed his optimism for a $500 price target.

Veteran trader Jacob Canfield pointed out that Solana's current levels are nearing its all-time highs, praising its resilience.

Despite being declared "dead" numerous times, Solana has surged from $8 to its current levels, proving skeptics wrong.

$SOL – All time highs are so close you can almost taste them.

What a run from $8 and being declared "dead' about 5,000 times. pic.twitter.com/fmHyRpk10c

— Jacob Canfield (@JacobCanfield) November 21, 2024

DefiLlama data highlights Solana's growing momentum, with its total value locked (TVL) reaching $8.6 billion—the highest since November 2021. Revenue is also at an all-time high, hitting $5.9 million.

Price Action: Solana is up 10% on the day, trading around $256 at the time of writing. It has reached a new all-time high market capitalization of over $120 billion.

Read Next:

• Solana Rallies 13% In 7 Days: ‘Bullish As Long As $200 Holds,’ Says Veteran Trader

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