Solana Hits New All-Time High: Could a SOL ETF Be Next?
The post Solana Hits New All-Time High: Could a SOL ETF Be Next? appeared first on Coinpedia Fintech News
Bitcoin just smashed a new all-time high at $99,000, stealing the spotlight in the crypto markets! Meanwhile, altcoins are either dragging their feet or clinging to support, waiting for a breakout. Solana, the fourth-largest crypto, has hit an all-time high, surging beyond $263 and eclipsing its previous record set in October 2021.
This rally marks a dramatic turnaround from its 95% price collapse during the crypto winter, where it fell as low as $8 in late 2022. Over the past 24 hours, SOL has gained 11% and has skyrocketed by 360% year-over-year, cementing its position as one of the top-performing tokens in the market.
So what’s driving this bull run? Let’s find out!
Key Catalysts Driving SOL’s Ascent
Solana’s ecosystem is buzzing with activity, driven by meme coin trading and booming decentralized finance (DeFi). Its fast, low-cost blockchain has become a favorite among developers and traders, fueling optimism and solidifying its position as a leader in the crypto space.
With the possible surge, it is expected that U.S.-based Solana spot ETF will be on the horizon. With Donald Trump’s win and SEC Chair Gary Gensler’s impending resignation, the regulatory outlook will take a softer stance on crypto assets. Reports of positive talks between the SEC and ETF issuers have further boosted confidence, pointing to an even brighter future for Solana.
Whales Pushing the Price Higher
Lookonchain revealed that big investors, or whales, have been buying and staking large amounts of SOL. One wallet withdrew $11.14 million worth of SOL, and another bought $23.86 million worth and staked it. These moves show growing trust in Solana’s future as its price keeps climbing.
How High SOL can go?
Crypto analyst CryptoRus has forecasted a massive surge for Solana (SOL), predicting its price could reach $5,000 in the current market cycle—a staggering 1,965% increase from current levels. The projection is based on a cup-and-handle pattern on the weekly chart, with SOL already breaking above the $208 resistance and aiming to confirm the breakout by surpassing its all-time high of $259.72.
Supporting this outlook are Solana’s strong fundamentals, including outperforming Ethereum in DeFi volumes and gaining popularity among developers, particularly in the meme coin space. However, the bullish scenario hinges on SOL staying above $110, with a dip below this level invalidating the optimistic prediction.
The way SOL is going is it an indication of SOL ETF in the near future? Tell us your views on SOL ETF before XRP.
