Solana Hits New All-Time High as SEC Chairman Gary Gensler Announces Resignation

Solana has hit a new all-time high, surging more than 32x since its lows in December 2022, amid news of Gary Gensler’s resignation. A new, more crypto-friendly administration under Donald Trump is raising hopes of a Solana ETF launch, boosting market optimism. However, despite the positive vibes, the odds of a Solana ETF being approved in 2024 remain low at 4%.

💡 Quick summary: Previous attempts to launch a Solana ETF have stalled due to regulatory hurdles, often stalling in the early stages. However, with the changing political environment and increased openness from the SEC, hopes have been renewed within the crypto community. Recent applications to launch a Solana ETF by Canary Capital and BitWise reflect growing interest and high expectations for regulatory approval. However, the chances of approval in 2024 remain low, estimated at just 4% according to Polymarket's forecast.