30s Summary

Solana’s native token, SOL, has rebounded from its 95% drop following the 2021 crypto winter, achieving a new all-time high above $263. Positive factors supporting the increase include popular meme coins, interest from larger institutions, and DeFi activities. The chances of a Solana ETF in the US are high with Donald Trump’s return to presidency and the impending departure of crypto skeptic SEC Chairman Gary Gensler. Positive discussions between the SEC and potential SOL ETF issuers have been reported.

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Solana’s native token, SOL, is making a major comeback. It dropped by more than 95% after the crypto winter of 2021, but now it’s broken its all-time high that was reached in October that year. At the moment, SOL is trading just above $263. That’s an 11% rise in the past day, and nearly 360% if you look back a year.

SOL hit rock bottom in late 2022, sinking to a depressing low of $8, after FTX and Alameda Research (big supporters of the Solana ecosystem, created by Sam Bankman-Fried) fell apart. But the token worked its way up to its present value since then.

What’s given Solana new life? A few factors. Popular meme coins, decentralized finance (DeFi) activity and more interest from big institutions are all boosting the network. This is great news for Solana, which practically went under in 2022.

Looking ahead, the chances of there being a Solana ETF based in the US are looking good now that crypto supporter Donald Trump is back in office. SEC Chairman Gary Gensler, who’s not such a fan of crypto, revealed recently that he would be leaving his post when Trump becomes president. There’s already news of positive discussions between the SEC and potential SOL ETF issuers.