On Friday, Solana (SOL) soared to a new all-time high (ATH), currently trading at around $260. This breakthrough exceeded the previous peak set in November 2021.
Solana has risen to a new high, up more than 32 times from its low point in December 2022.
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Gary Gensler Plans to Resign, Solana Price Hits All-Time High
Solana's path to this new high has not been smooth. After reaching its previous high in 2021, the platform faced a downturn in the broader cryptocurrency bear market of 2022, with technical issues and network outages further exacerbating the situation.
The collapse of FTX in November 2022 caused Solana's price to drop to around $8.
However, Solana has since seen a significant recovery, rising more than 32 times from its low point. Now, Solana enthusiasts believe that SOL's market capitalization may ultimately surpass Ethereum (ETH).
The surge in Solana's market value coincides with the news that U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler plans to resign, effective January 20, 2025, when Donald Trump takes office.
Gensler, known for his strict regulatory stance on cryptocurrencies, leaving office suggests that the U.S. government may shift towards a more crypto-friendly approach. This political change has sparked speculation about the potential approval of a Solana exchange-traded fund (ETF). According to Fox Business reporter Eleanor Terrett, the SEC has begun engaging with issuers to explore the possibility of a Solana ETF.
Previous efforts to launch a Solana ETF have been hindered by regulatory obstacles, often stalling in the early stages of the process. However, the evolving political landscape and the SEC's increasingly open policies have reignited hope within the cryptocurrency community. The recent filings of Solana ETF applications by Canary Capital and BitWise reflect the interest and anticipation for regulatory approval.
Despite these encouraging developments, the likelihood of a Solana ETF being approved in 2024 remains low, with Polymarket estimating the probability at around 4%.
Meanwhile, the crypto community is also closely watching Bitcoin, as it approaches the highly anticipated $100,000 milestone. On Friday, Bitcoin reached a new high of around $99,300. This milestone is seen as a critical moment for Bitcoin and may have an impact on other cryptocurrencies, including Solana.
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