Solana Breaks $170, Outperforming Bitcoin and Ethereum

Solana (SOL) is on the rise again, crossing the $170 threshold, outperforming Bitcoin (BTC) and Ethereum (ETH) over the past week.

According to on-chain data provider Santiment, SOL has jumped 33% since July 4, 2024. This increase is attributed to market skepticism around Solana, tied to new developments in the ETF sector.

CBOE Global Markets recently sought approval from the US Securities and Exchange Commission (SEC) to list Solana-linked ETFs. If accepted, regulators will have 240 days to decide. This announcement has boosted Solana’s momentum, with the coin’s price rising over 21% in the last week, outpacing other major cryptocurrencies.

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Over the past month, Solana’s price has increased by nearly 24%, while Bitcoin and Ethereum saw only minor gains. SOL is currently trading at about $172, up 1.3% in the past 24 hours, but still 34% below its all-time high of $260 from November 2021. With growing optimism, Solana could soon hit $200.

Solana has a history of impressive recoveries. After starting 2023 with single-digit prices due to ecosystem challenges, it surged from around $9 to $121, a 900% increase, showcasing its resilience and potential for future growth.

Alexander Stefanov