While the crypto market continues buzzing with activity, Solana (SUN) has emerged as one of the standout performers.
The blockchain platform recently broke its all-time high on 22 November 2024, marking a significant milestone just two years after the FTX collapse. It sent shockwaves through the crypto industry.
Adding to the excitement, Bitwise Asset Management has formally entered the competition to introduce a Solana exchange-traded fund (ETF) in the US.
Congratulations, resident! #Solana has finally reached new All-Time-High !
As promised,
I want to change someone’s life and send 100 $SOL (~$26,000) to one person by tomorrow.Just like, retweet and comment ‘done’.
Random winner in 15 hrs#crypto #bitcoin #memecoin pic.twitter.com/uSW1aMpjJj— Sam Belfort (@morpheuswhale) November 21, 2024
Solana’s Meteoric Rise: From FTX Fallout To Market Leader
It can be considered leading player in decentralized finance (DeFi) and Web3 innovation. It reached a new all-time high on Coinbase, signaling renewed investor confidence in the project.
This is particularly notable given that Solana was one of the hardest-hit assets during the FTX collapse in 2022. At that time, SOL’s price plummeted due to its close association with FTX and Alameda Research, both of which held significant positions in Solana-based assets. Fast forward two years, and it has recovered and continues to establish itself as a leader in blockchain technology. Its attracting developers and users alike.
Solana’s ecosystem now boasts a wide array of decentralized applications (dApps), non-fungible tokens (NFTs), and DeFi protocols.
Related: Will Solana Get A Spot ETF If Trump Fires Gary Gensler?
The ETF Boom: Beyond Bitcoin And Ethereum
On 20 November 2o24, Bitwise filed for a Solana ETF. This shows the growing institutional interest in blockchain projects beyond Bitcoin and Ethereum.
An ETF would allow traditional investors to gain exposure to Solana. The move aligns with a broader trend in the crypto industry, where asset managers are racing to launch ETFs for various digital assets.
If approved by US regulators, Bitwise’s Solana ETF could pave the way for increased adoption and liquidity for SOL. It would also mark a significant milestone, positioning it alongside Bitcoin and Ethereum as one of the few cryptocurrencies with dedicated ETFs.
Will such recognition further enhance Solana’s credibility among institutional investors?
Read more: Will Solana Price Hit $500 by End 2024? Here’s the Reasons Why it Will
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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