#SOLHitsATH The fourth largest cryptocurrency by capitalization, Solana ($SOL
), has updated the absolute maximum value. Earlier, analysts warned that the coin is on the threshold of ATH
We tell you what is happening with Solana and whether the cryptocurrency will be able to maintain a positive momentum.
On the morning of November 22, 2024, Solana updated the absolute maximum (ATH) at $263. After that, the cryptocurrency went into correction. As of the time of writing, Solana is trading at $260.
Earlier, Ryan Lee, chief analyst at Bitget Research, warned that Solana is on the verge of updating the maximum. According to our interlocutor, SOL was in a winning position due to the interest in the platform from speculators. The expert believes that the coin has every chance to continue growing.
The movement of Solana to a new maximum was supported by the overall positive of the crypto market, which is associated with the victory of Donald Trump in the US presidential election. The politician made many promises to the participants of the crypto community. For example, Trump plans to form a bitcoin reserve in the United States.
The politician also promised crypto investors to reduce regulatory pressure. To this end, he proposed firing the head of the U.S. Securities and Exchange Commission (SEC), Gary Gensler. Under his control, the regulator launched unprecedented repression against the crypto industry. On the evening of November 21, information appeared on the network that Gensler would leave his post in January 2025. The news was positive for the entire crypto market, including Solana.
Recall that the commissioners tried to prove that SOL is an unregistered security. A waiver and a change in SEC leadership could pave the way for the launch of Solana-ETFs and other derivatives.