The US 'Solana ETF' finally made progress! Inspiring SOL to surge past $260, hitting a new all-time high.

After experiencing a decline of over 95% during the 'crypto winter', Solana's native coin SOL has now staged a strong comeback, not only returning to its peak but also breaking through the historical high set in 2021 today (22), reaching $260 and once again becoming the focus of the market.

According to CoinGecko market data, SOL reached a high of $262.93 today, reported at $262.06 at the time of writing, with a big pump of over 10% in the past 24 hours and an astonishing 380% increase in the past year.

From the bottom to the peak, Solana makes a perfect comeback

SOL hit a new all-time high this time, coinciding with the two-year anniversary of the collapse of FTX and Alameda Research - both of which were major backers of the Solana ecosystem. Therefore, after the collapse of FTX, SOL suffered a severe liquidity crunch, leading to a serious downturn in coin price, dropping to as low as $8 at the end of 2022.

Now, as market confidence gradually recovers, SOL has finally ushered in a glorious moment. Behind the drive for SOL Rebound, there are also multiple bullish factors fermenting, including the 'meme coin trading frenzy,' the outbreak of Decentralized Finance (DeFi) activities, and the increasing 'institutional funds entering the market for speculation'.

The US Solana ETF welcomes the dawn

At the same time, since Donald Trump was elected President of the United States, the cryptocurrency community's anticipation of the approval of Solana ETF to be listed in the United States has been rising.

Earlier, Gary Gensler, the chairman of the SEC, known as the "enemy of the crypto world," announced his resignation on January 20 next year, paving the way for Trump's cryptocurrency-friendly policies.

According to Eleanor Terrett, a reporter for Fox Business, the US SEC is currently in 'constructive' discussions with multiple ETF issuers to discuss the details of launching a Solana ETF.

She cited the news that the SEC has begun actively processing S-1 applications, an important step in applying for ETF listing. She said:

With Trump's cryptocurrency-friendly policies gradually emerging, market confidence in the approval of Solana ETF is constantly increasing.

SCOOP: Talks between @SECGov staff and issuers looking to launch a $SOL spot ETF are “progressing” with the SEC now engaging on S-1 applications, according to two people familiar with the matter. These people say there’s a “good chance” we’ll see some 19b4 filings from…

— Eleanor Terrett (@EleanorTerrett) November 21, 2024

However, as the current government is still in the process of transition, it may not be until 2025 that substantial progress is seen. However, there has been an apparent change in market sentiment, with several institutions including Canary Capital, VanEck, and 21Shares having submitted applications for a Solana ETF, and BitWise indicating their entry into the fray on Thursday.

Looking back, the SEC has always been conservative in its attitude towards cryptocurrency ETFs. In September of this year, Polymarket investors estimated that the likelihood of a Solana ETF being approved was only 3%. Now, with the changing political environment, this number is rapidly increasing.

Eleanor Terrett pointed out: "The Trump administration's inauguration is the biggest key to driving this turning point, and the dialogue between the SEC and the applicant is becoming more and more frequent, and the market is gradually igniting hope."

The counterattack of Solana is not just about the soaring price of the currency, but a new chapter that shakes the industry.

The U.S. 'Solana ETF' finally made progress! Inspiring SOL to soar above $260, reaching a new all-time high. This article was first published in 'Blocklike'.