Solana (SOL) Hits New All-Time High Above $260 Amid Surge in ETF Filings

Solana (SOL) has reached a new all-time high after 3 years, trading above $260 following several filings for SOL exchange-traded funds (ETFs). According to CoinGecko, SOL’s price recently hit $262.93, marking an 11% increase over the past 24 hours.

Growth of Solana Network

SOL has been one of the top-performing altcoins this year, with a remarkable 160% rise since January 2024. Its market capitalization has risen to $124 billion, and its 24-hour trading volume surged by 58%, surpassing $11 billion.

A significant factor in the surge is the growing speculation around memecoins, which are easy and cheap to mint on the Solana network. This has translated into strong financial activity, with the blockchain recording $11.84 million in total transaction fees and $5.92 million in revenue on November 19.

The surge in Solana’s momentum can also be attributed to filings from Bitwise, VanEck, 21Shares, and Canary Capital, who are all seeking approval for spot Solana ETFs. Recent reports have indicated that the U.S. Securities and Exchange Commission (SEC) is reportedly engaging with S-1 applications for these ETFs.

In addition to ETF filings, Solana’s decentralized finance (DeFi) sector has also contributed to its growth. According to DeFiLlama, the total value locked in Solana’s DeFi ecosystem has skyrocketed by over 500% this year, reaching $8.9 billion, further boosting confidence in the network’s potential.

Furthermore, Solana-based decentralized exchanges (DEXes) surpassed $70 billion in trading volume over 30 days. Between November 4 and November 10, trading activity surged to $41 billion, more than double the $18.1 billion recorded the previous week.

Growing Optimism for Regulatory Changes

The surge in Solana’s DeFi and DEX activity is part of a broader trend in the crypto market, driven in part by expectations of more favorable regulations under the upcoming administration of Donald Trump. These market conditions have contributed to a record total market capitalization of $3.42 trillion as of November 22.

Additionally, the anticipated resignation of SEC Chair Gary Gensler in January has further fueled optimism, as Gensler had previously stated that all crypto assets, except Bitcoin (BTC), were securities.

Other altcoins are also benefiting from the current market momentum, with XRP seeing a 27% jump, reaching $1.40 on November 22. Cardano (ADA) and Avalanche (AVAX) are also posting strong gains at the time of writing.