This is how Solana (SOL) performed in 2024 so far
The post This is how Solana (SOL) performed in 2024 so far appeared on BitcoinEthereumNews.com.
Solana (SOL) was one of 2024’s top-performing cryptocurrencies, surging from $100 at the start of the year to $235 by early December—a staggering 135% gain. In the last month alone, SOL added 19% to its value, driven by bullish sentiment across the market. Analysts are now setting their sights on a $420 target, underpinned by growing network activity, institutional adoption, and Bitcoin’s rally beyond $100,000. However, regulatory challenges remain a hurdle, with ETF rejections casting a shadow over what has otherwise been a stellar year. Solana one-month price chart. Source: CoinMarketCap Regulatory hurdles for Solana ETFs Despite its strong price performance, Solana has faced significant regulatory hurdles. The U.S. Securities and Exchange Commission (SEC) recently rejected applications for spot Solana ETFs filed by major players like VanEck, 21Shares, and Canary Capital. Notably, crypto asset manager Grayscale also recently applied to convert its Solana Trust into a spot exchange-traded fund. With President-elect Donald Trump appointing Paul Atkins, a pro-crypto policy expert, as the incoming SEC Chair, optimism is growing. Analysts expect the leadership transition in January 2025 to pave the way for broader ETF approvals, potentially benefiting Solana and other cryptocurrencies. Nice scoop. Solana ETFs getting told to take a hike by the Genz-led SEC (which @JSeyff predicted in a recent note). Look for them to just refile after the new Atkins regime takes over. https://t.co/0AEOHg3ZWH — Eric Balchunas (@EricBalchunas) December 6, 2024 Institutional confidence soars despite challenges Institutional interest in Solana remains strong, with Q3 2024 marking $173 million in investments across 29 decentralized applications (DApps)—a 54% quarter-over-quarter increase, according to Messari. This surge underscores institutional confidence, further bolstered by prominent players like Franklin Templeton, which is launching an SEC-compliant money market fund on Solana. Additionally, Société Générale’s SG-Forge has announced plans to deploy a MiCA-compliant stablecoin on the network.…
Filed under: News - @ December 8, 2024 7:13 pm