Solana (SOL), one of the most prominent blockchains in the world, just hit a new all-time high record of $260. Fillings for Solana’s crypto-related products boost the token price.
Solana spot exchange-traded fund (ETF) has been proposed by several companies, including Bitwise, VanEck, 21Shares, and Canary Capital, to the Securities and Exchange Commission (SEC).
This move came after the commission approved Bitcoin and Ethereum spot ETF earlier this year. Bitcoin even now had trading options from BlackRock and Grayscale, raising the price to $99k.
After those fillings, the SOL (SOL) price surged 11.12% in a day to $260. The token price surged to 383% in the past year, narrowing the position to the 3rd rank by market capitalization of Tether (USDT) with $130 billion.
The token market capitalization increased to $124 billion, and trading volume increased to $11.3 billion or raised to 75% in just a day. The price keeps rising to $262 at the time of writing.
According to DefiLlama on Nov. 22, Solana’s total value locked (TVL) has grown 3.17% in a day, making $8.74 billion. Although it is not the highest yet, the TVL number has surged significantly in the past year, with only $353 million in October 2023.
All the top decentralized finance (DeFi) ranks under the blockchain have climbed, ranging from 3.90% to $11.50% daily. Binance staked SOL (BNSOL) even surged into three digits, equal to 333% in a month.
Solana ETF update
Solana ETF in the United States may appear in the stock market next year, but the market is already confident with the approval. Bitwise was already filling the S-1 documents following the three other ETF issuers, including VanEck, 21Shares, and Canary Capital.
Although the status of these fillings may not be decided due to Gery Gensler’s leadership in the commission, the industry has noted 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 could boost the cryptocurrency price in the future as the newly formed government wanted to be friendlier and more adaptable with digital asset development.
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