Solana Hits $264 Record High As ETF Filings, Regulatory Optimism Drive Market Momentum
Posted On November 22, 2024
Solana (CRYPTO: SOL) reached a new all-time high on Friday morning, trading at $264.31 on Coinbase Inc. (NASDAQ:COIN), according to TradingView.
This comes two years after the collapse of the crypto exchange FTX, which had sent Solana prices plummeting.
What Happened: The token gained 18% over the past week, continuing its strong performance in 2024 with a 160% rise since the start of the year.
The collapse of Sam Bankman-Fried‘s FTX in late 2022 had pushed Solana to a cycle low of just under $10.
However, the layer-1 blockchain has made a remarkable recovery, driven by several factors, including new exchange-traded fund (ETF) filings for Solana-based products.
Recent filings from Bitwise, VanEck, 21Shares and Canary Capital …
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