As a seasoned analyst with over two decades of experience in the financial markets, I have witnessed countless bull and bear runs, but the current surge in Solana (SOL) is nothing short of remarkable. Having closely followed Solana’s journey since its inception, I must admit that the resilience this cryptocurrency has shown post the FTX collapse is truly commendable.
Today, Solana’s price (SOL) experienced a 12% increase, reaching an unprecedented high of $263.70. This surge boosted its market capitalization beyond $124.90 billion. The upward trend follows four ETF filings for asset managers VanEck, Bitwise, 21Shares, and Canary Capital, submitted by the Cboe Exchange under the 19b-4 rule.
The crash of FTX in November 2022 saw Solana’s price plummet to $10. However, since then, Solana has experienced a tremendous resurgence and reached new record highs. Over the past year, it has climbed by an impressive 373%, making it one of the top-performing cryptocurrencies in 2024.
One significant factor fueling the surge in SOL’s price during 2024 was the emergence and popularity of meme coins built on the Solana platform. These meme coins generated substantial trading income, significantly increasing the earnings for the Solana blockchain network.
Furthermore, it’s worth noting that the expansion of Decentralized Finance (DeFi) on the Solana platform has been quite significant. As we approach mid-2024, the total value locked (TVL) in Solana DeFi has skyrocketed by an astounding 500%, reaching a staggering $8.916 billion, according to data from DeFiLlama.
Independent cryptocurrency expert, often referred to as the “Titan of Crypto,” has spotted a robust bullish movement in Solana’s monthly analysis. This trend appears to be a breakout in progress, as indicated by a traditional “cup-and-handle” pattern on the chart – a formation recognized for its high predictability.
Titan of Crypto
Historically speaking, this pattern has demonstrated a remarkably high success rate of 95%, and typically results in an average profit gain of approximately 54% after a breakout, suggesting that Solana might have substantial upward momentum ahead. The analyst remarked that once it surpasses its previous all-time high (ATH), there’s potential for it to swiftly climb up to $400!
Spot Solana ETF Filings Trigger SOL Price Rally
According to reports, on the same day that U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler announced his resignation (which will be effective from January 20), four applications were submitted by the Cboe BZX Exchange for Solana ETFs from asset managers VanEck, Bitwise, 21Shares, and Canary Capital. These filings are now awaiting acknowledgement and publication in the federal register by the U.S. SEC within up to 15 days as per journalist Eleanor Terret’s statement.
A 19b-4 filing signifies the notification to the Securities and Exchange Commission (SEC) about a proposed adjustment in rules set by a self-regulatory entity, like a financial regulator or stock exchange. Contrastingly, VanEck, 21Shares, and Canary Capital submitted S-1 registration statements for their Solana ETFs in late June and October 30 respectively, which are not about rule changes but rather the initial registration of these investment products.
On November 19th, crypto exchange Bitwise filed a statutory trust for a Solana ETF in Delaware. The following day, on November 20th, they also submitted an S-1 filing as the asset manager.
Experts believe that the regulatory landscape for cryptocurrencies may become friendlier during the Donald Trump administration, which could spur a rise in applications for crypto Exchange-Traded Funds (ETFs), much like the ones filed on November 21st.
Breaking News: It appears that Paul Atkins, a former SEC commissioner, is currently in the front-runner position for the role of SEC chair, as suggested by someone directly familiar with the situation. However, keep in mind that, as with any developments in Trump’s sphere, things can always shift unexpectedly. Fox Business has reported on this matter previously…
— Charles Gasparino (@CGasparino) November 21, 2024
Moreover, investors anticipate the arrival of a new SEC leadership, with former crypto-friendly SEC Commissioner Paul Atkins being tipped as a potential replacement for current chairman Gary Gensler.
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2024-11-22 13:42