Will Solana ETFs and Whale Accumulation Sustain Its ATH Surge to $300?
The post Will Solana ETFs and Whale Accumulation Sustain Its ATH Surge to $300? appeared on BitcoinEthereumNews.com.
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…
Filed under: News - @ November 25, 2024 3:05 am