On November 22, 2024, the Solana (SOL) cryptocurrency reached a historic peak, reaching $264.39. The asset’s market capitalization exceeded $125 billion, highlighting its importance in the crypto industry.

At the moment, the value of SOL has pulled back slightly, remaining above $260. The market capitalization has also decreased and is $123.64 billion. Despite the correction, over the last month the price of Solana has grown by more than 55%, which significantly exceeds the dynamics of most other altcoins.

Experts attribute this growth to the active accumulation of tokens by hodlers and the excitement around the possible launch of spot Solana-ETFs. These expectations are driving forecasts of further upside. Some traders believe the Solana price could exceed $500 by early 2025.

ETF discussion became particularly active after Donald Trump’s victory in the U.S. presidential election. This event has bolstered hopes for approval of applications from a number of market participants, including Bitwise, which is still only preparing to submit its application.

Daniel Cheung, co-founder of hedge fund Syncracy Capital, anticipates that the launch of spot Solana-ETFs will take place in the first quarter of 2025. In his opinion, this could raise the price of SOL to $1000.

Recall, a similar period of strong growth was observed in the fall of 2023. Then the key drivers were the popularity of memcoins and the distribution of tokens to owners of Solana smartphones.

Thus, the current dynamics and expectations around Solana form ambitious forecasts for the cryptocurrency in the coming months.