Solana hit a new milestone: reached all-time high $260

Solana (SOL), one of the world’s most prominent blockchains, reached an all-time high of $260. Fills for Solana’s crypto-related products are driving up the token price.

The Solana (SOL) spot exchange-traded fund (ETF) has been filed with the Securities and Exchange Commission (SEC) by several companies, including Bitwise, VanEck, 21Shares, and Canary Capital.

This move follows the commission’s approval of a Bitcoin and Ethereum spot ETF earlier this year. Bitcoin now had trading options from BlackRock and Grayscale, which pushed the price up to $99k.

After these refills, the SOL price increased by 11.12% in one day to 260 dollars. The token price rose 383% last year, dropping Tether (USDT) to 3rd place in terms of market capitalization at $130 billion.

1-Day SOL price chart, 29 August – 22 November 2024 | Source: crypto.news

The market value of the token rose to $124 billion in just one day, and the trading volume increased by $11.3 billion, or 75%. The price continues to rise to $262 at the time of writing.

According to DefiLlama dated November 22, Solana’s total value locked (TVL) increased by 3.17% in one day, reaching $8.74 billion. While not yet the highest, the TVL number increased significantly last year and was only $353 million in October 2023.

All of the top decentralized finance (DeFi) rankings under blockchain showed daily gains ranging from 3.90% to 11.50%. Binance staked SOL (BNSOL) rose to triple digits, equal to 333% in one month.

Solana ETF update

The Solana ETF in the US may list next year, but the market is already confident about approval. Bitwise was filing S-1 filings, following three other ETF issuers including VanEck, 21Shares and Canary Capital.

Although the status of these fillings cannot be decided due to Gery Gensler’s leadership of the commission, the industry noticed 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 may increase the cryptocurrency price in the future, as the newly formed government wants to be friendlier and more accommodating regarding digital asset development.