Solana (SOL) price has just broken through a new all-time high of $264.68, which marks a 65.35% rise from the price on November 5, 2024. The current rally of the cryptocurrency has been driven by market sentiment as well as some strategic measures.
As of press time, Solana’s price stands at $252.035, a 1.11% price depreciation in the last 24 hours. Its market capitalization is $119.44 Billion, trade volume is down 17.13% intraday to $5.21 Billion.
The bullish trend indicates further upward movement with investors eyeing the $300 price mark.
– Advertisement –
Spot Solana ETF Filings Coincide with SEC Leadership Transition
New spot Solana ETF filings from Bitwise, VanEck, 21Shares, and Canary Capital have further propelled Solana’s uptrend. These filings were made on November 21st, at the same time as SEC Chairman Gary Gensler’s resignation was announced to happen in January 2025.
The change has been estimated to pave the way for a more favorable operating environment for cryptocurrency ETFs in the United States.
The 19b-4 filings made to the SEC were regarding the proposed rule changes for the listing of Solana ETFs on the Cboe BZX Exchange. Approval of these ETFs could also increase institutional and retail investors’ access to Solana and increase demand for SOL tokens.
– Advertisement –
The positive expectations for these advancements have played a major role in the continued accumulation of Solana.
Whale Accumulation Boosts Buying Pressure and Market Confidence
As depicted from the on-chain data, Solana is experiencing increased whale activity, boosting its price. In the last two days, large investors have bought about 142,443 SOL worth $35 Million.
One wallet bought 42,443 SOL from Binance for $11.14 Million, while another staked 100,000 SOL for $23.86 Million. These wallets contained a total of $55.58 Million in the funds.
This large increase indicates that the market is increasingly optimistic about Solana’s ability to advance in the future. Whale buying is a sign of high confidence in the asset and the market, which leads to further gains in the asset’s price.
Non-Vote Transactions and Bullish Trends Support $300 Target
The Solana network has registered an all-time high of 80.71 million non-vote transactions, which implies high usage and network growth. With activity increasing, the demand for SOL tokens will rise, which should support further price appreciation.
Technically, Solana has formed a higher high pattern in the price recovery, breaking the 1.272 Fibonacci level at $233.67 and is close to the 1.618 Fibonacci level at $281.79.
A golden crossover between the 100 and 200-day SMAs was also noted.
Moreover, the daily RSI is at 73.08 currently, which means the price still has could rise before it hits the overbought territory, as seen in past bull markets. Optimism around ETFs, whale accumulation, and increasing network activity could launch SOL to the $300 mark.
