- Solana’s native token (SOL) reached an all-time high of $260.25 following significant whale accumulation.
- Bitcoin surged past $99,000, fueled by favorable crypto market expectations under pro-crypto President-elect Donald Trump
Solana has once again taken center stage as the digital asset best known for its speed and scalability, which surpassed its all-time high of 259.99 on Friday. The Solana token witnessed a significant rally following a significant accumulation of whales.
At the time of writing, SOL is trading at $260.25 after rallying 7.50% in the past 24 hours. Additionally, the digital asset has also surged 23.77% and 57.72% in the past week and month respectively. This rally has pushed its market cap to $123.46B.
Solana Reaches All-Time High Fueled by Whale Accumulation
Firms File for Solana-Based Exchange-Traded Fund
We strongly believe that Solana’s native token, SOL, is eligible for inclusion in an ETF as a commodity. In fact, no court has found that SOL as a token itself is a security – which is consistent with numerous court decisions that we have cited in our filings. A 21Shares spokesperson told a leading news outlet
Bitcoin’s Historic Rally Pushes Toward $100,000
Yesterday, Bitcoin, the crypto market leader, surpassed the $99,000 mark yesterday after recording a significant rally of 4%. Firstly the token rallied to $98,273.50, according to Coin Metrics. Earlier, it rose as high as $99,046.94.
This rally comes in hopes that Donald Trump will usher in a favorable crypto market conditions. Notably, this spike was partially triggered by a spike in funding rates and open interest on the futures market during Asia trading. Around the same time, premiums in spot markets fell, according to data from CryptoQuant.
Additionally, according to Coinglass, Bitcoin’s rally, opened room for short liquidations of more than $100 million in a 24 hour period at one point.
Rob Ginsberg, an analyst at Wolfe Research, said in a Wednesday note;
Looking back at previous moves of this magnitude, BTC has historically either gone into a consolidation period, or ignored the overbought condition as investors pile in,
