The Solana (SOL) community was rejoicing as the altcoin managed to hit a new high. Earlier today, SOL recorded a new all-time high of $263.70. This comes after the asset surged by a staggering 382% over the past 12 months. But the real question is whether SOL can carry this hot streak and reach $300 by the end of the month.
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Looking Into Solana’s Ascent
According to recent data, Solana was trading at $260.82 following a slight setback since its all-time high. The asset has been a top performer as it rose by a staggering 9% over the past 24 hours. The altcoin’s daily volume surged by 53% and was at $10.91 billion.
The latest growth is monumental for the Solana ecosystem. This is because the latest milestone was set two years after Alameda Research, a major supporter of the Solana ecosystem, and Sam Bankman-Fried’s cryptocurrency firm, FTX, collapsed. It should be noted that late in 2022, SOL fell as low as $8.
Solana’s recent surge is linked to a Solana exchange-traded fund (ETF). Bitwise, a cryptocurrency asset management, has formally filed a registration statement for the Bitwise Solana ETF on Form S-1 with the SEC. BNY will play the role of the trust’s administrator for the proposed spot Solana ETF, according to the filing.
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Thanksgiving Prediction
CoinCodex, a prominent prediction platform had good news for SOL investors. It seems like the asset will continue its bullish streak through the rest of the month. But reaching $300 would be quite a task for Solana. The altcoin, according to CoinCodex, will trade at around $258 on Thanksgiving which is on November 28.
Even though the asset will see a setback in the next few days, Solana is expected to win big during the coming weeks. Investors will have to remain patient in order to reap the benefits of investing in SOL.
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