Solana (SOL) was one of 2024’s top-performing cryptocurrencies, surging from $100 at the start of the year to $235 by early December—a staggering 135% gain.
In the last month alone, SOL added 19% to its value, driven by bullish sentiment across the market. Analysts are now setting their sights on a $420 target, underpinned by growing network activity, institutional adoption, and Bitcoin’s rally beyond $100,000.
However, regulatory challenges remain a hurdle, with ETF rejections casting a shadow over what has otherwise been a stellar year.
Solana one-month price chart. Source: CoinMarketCap
Regulatory hurdles for Solana ETFs
Despite its strong price performance, Solana has faced significant regulatory hurdles. The U.S. Securities and Exchange Commission (SEC) recently rejected applications for spot Solana ETFs filed by major players like VanEck, 21Shares, and Canary Capital.
Notably, crypto asset manager Grayscale also recently applied to convert its Solana Trust i
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