Solana (SOL) is inching closer to its all-time high of $260, last seen on November 2021. Data from CoinMarketCap shows the coin has surged 6% in the last 24 hours and nearly 50% in the last 30 days, making it one of the best performing altcoins in the market.
Solana’s market capitalization now stands at massive $118B, with the SOL price currently at $250.
SOL’s price. Source: CoinGecko.
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Why is Solana Up Today?
It’s simple —rising demand for crypto assets and Bitcoin’s recent surge, which often spills over altcoins, plus heightened network activity in the Solana network thanks to memecoins such as BONK hitting all-time highs.
However, the biggest catalysts for today’s boost for the SOL price today is the news surrounding the progress of a potential SOL spot exchange-traded fund (ETF).
Related: Trump Victory Fuels Solana ETF Approval Optimism
Discussions between the SEC and firms seeking to launch a spot Solana (SOL) ETF are reportedly progressing well. According to journalist Eleanor Terrett, the SEC is reviewing S-1 applications, suggesting that exchange representatives may soon file 19b-4 forms, a critical step in securing approval.
The filing of the 19b4’s does not guarantee an approval by the SEC. Indeed, previous 19b4 filings from VanEck and 21Shares were taken down from the CBOE’s website in August with some industry participants speculating the reason was that the agency under Gary Gensler was not inclined to approve such listings.
SCOOP: Talks between @SECGov staff and issuers looking to launch a $SOL spot ETF are “progressing” with the SEC now engaging on S-1 applications, according to two people familiar with the matter. These people say there’s a “good chance” we’ll see some 19b4 filings from…
— Eleanor Terrett (@EleanorTerrett) November 21, 2024
Several companies, including VanEck, 21Shares, and Canary Capital, have already submitted applications, and Bitwise recently announced plans to do the same. These developments signal growing momentum for a SOL ETF, which could offer U.S. investors a new way to access cryptocurrency markets.