Summary Review: Solana’s price surged over 12% to around $264.50 following the resignation of SEC Chairman Gary Gensler. This jump aligns with gains seen across other cryptocurrencies that were previously under SEC scrutiny. With the market rallying, Solana is now approaching its record high of $267.50 set three years ago and could continue climbing in the coming weeks.
Solana (SOL) is experiencing a notable price surge as the cryptocurrency market responds positively to recent regulatory news.
SOL Price Breakout
The price of Solana has climbed over 12%, reaching approximately $264.50 on Nov. 22 (according to BitStamp data). This positions it just below its all-time high of $267.50 set three years ago. The increase is part of a broader rally across the crypto market, fueled by regulatory shifts and improving investor sentiment.
Impact of Gensler’s Resignation
The price boost follows news of Gary Gensler stepping down as Chairman of the United States Securities and Exchange Commission (SEC). Under Gensler’s leadership, the SEC had targeted several cryptocurrencies, including Solana, for regulatory scrutiny.
Market optimism about potentially less restrictive oversight has driven gains not only for Solana but also for other tokens that faced similar challenges. For instance, XRP, associated with Ripple, saw a price increase of over 25% following Gensler’s announcement.
Potential for Further Growth
Solana’s current rally has pushed it into the breakout phase of a bullish continuation pattern, suggesting the possibility of further upward momentum. Analysts are eyeing a potential rally above $280 in November, which could mark a significant milestone for the cryptocurrency.
As Solana moves closer to its record high, the broader market trend and evolving regulatory environment will play key roles in determining whether this momentum can sustain.
Summary Review: Solana’s price surged over 12% to around $264.50 following the resignation of SEC Chairman Gary Gensler. This jump aligns with gains seen across other cryptocurrencies that were previously under SEC scrutiny. With the market rallying, Solana is now approaching its record high of $267.50 set three years ago and could continue climbing in the coming weeks.
Disclaimer: Nothing in this article, or any content from Web30 News, should be interpreted as financial advice. The information provided is for entertainment and educational purposes only. Investing in cryptocurrency involves risks, and investors should be aware that capital is at risk and returns are never guaranteed. Please conduct thorough research and consult with a qualified financial advisor before making any investment decision.
