Announcements from the U.S. Securities and Exchange Commission (SEC)

Solana Surges 42% in November to Exceed $260, Nearing All-Time High Amid ETF Anticipation

Nov 21, 2024, 04:20 PM

Solana's cryptocurrency (SOL) surged past $250 on Tuesday, nearing its all-time high, amid growing investor optimism over the potential approval of a Solana exchange-traded fund (ETF). SOL reached as high as $260, just 2.3% shy of its record peak, marking a significant recovery from its price of $8 less than two years ago and reflecting a 42% gain in November alone. The market capitalization of Solana hit a new all-time high of $120 billion, with stablecoins on the network exceeding $4.5 billion in total value locked (TVL). The surge is fueled by expectations of spot ETF applications not only for SOL but also for other cryptocurrencies like XRP, HBAR, and possibly ADA and AVAX.