SOL/USD surges to an all-time high as ETF optimism grows
Key Highlights:
- Solana reaches a new peak of $265
- SEC Chair Gary Gensler to step down in January
- Speculation rises about a potential Solana Spot ETF
Solana’s price has skyrocketed, smashing its previous all-time high, as investor excitement around its future soars. Early Friday, SOL/USD surged to a record $265, overtaking its 2021 peak of $260. This milestone marks an impressive rebound from its dramatic low of $8 during the aftermath of the FTX collapse just two years ago.
The surge follows the unexpected announcement that SEC Chair Gary Gensler will leave his post on January 20, 2025, coinciding with the inauguration of Donald Trump. Gensler, often criticized by crypto advocates for his stringent regulations, spearheaded crackdowns on digital assets and hindered their development.
With Gensler’s departure, the possibility of Solana gaining a US-based spot exchange-traded fund (ETF) seems brighter than ever. Presently, the SEC has only approved Bitcoin and Ethereum spot ETFs, leaving Solana as a strong contender to become the third. This optimism has fueled renewed enthusiasm among traders and institutions alike, with analysts predicting 2025 could be pivotal for Solana’s ETF approval.
