- Solana surges 12%, nearing its record high of $267.50 after Gensler announces resignation.
- Spot Solana ETFs gain traction with filings from major asset managers, boosting market optimism.
- Bull pennant breakout positions Solana for a potential price target of $284.
Solana (SOL) has surged more than 12%, trading around $264.50 on November 22, following the announcement of SEC Chair Gary Gensler’s resignation. This price rally brings SOL closer to its all-time high of $267.50, last reached three years ago.
SEC Departure Fuels Broader Crypto Momentum
The market-wide rally includes tokens previously targeted by SEC actions. Ripple’s XRP saw a 25% jump, while Cardano (ADA) climbed by over 11.5% to its highest level since April 2022. The market’s optimism stems from expectations of a more crypto-friendly regulatory approach under President-elect Donald Trump, who has pledged to overhaul the nation’s crypto policies and introduce measures like a potential Bitcoin reserve.
Spot Solana ETFs Add to Upward Pressure
The rally was further bolstered by filings from major asset managers, including Bitwise, VanEck, and 21Shares, seeking SEC approval for spot Solana ETFs. These applications, submitted on November 21, signal Wall Street’s increasing interest in Solana and reflect broader institutional confidence.
Source: TradingView
Bullish Technical Patterns Point to $280 Target
From a technical perspective, Solana’s price is breaking out of a bull pennant pattern, a chart formation that often precedes strong upward movements. If the pattern completes, analysts suggest a next price target of $284, continuing the token’s recent bullish trend.
The combination of positive regulatory developments, institutional interest, and favorable technical patterns has positioned Solana as a standout performer in the current market rally.
