Solana exceeds $200 and is approaching annual highs

Solana (SOL), the native cryptocurrency of its eponymous community, has as soon as once more captured the market’s consideration by breaking the $200 barrier.

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Driven by expectations of a extra favorable regulatory surroundings sooner or later, SOL has skilled a major enhance in its worthpositioning itself close to its annual highs.

This enhance, mixed with the doable arrival of regulatory modifications within the United States, has strengthened confidence within the cryptocurrency and consolidated its place out there.

In the final 24 hours, The worth of SOL has elevated by 8%, taking its worth to $204.

With this rebound, solarium is approaching its annual excessive of $209 reached in April. However, SOL is nonetheless 22% away from its all-time excessive of $260, achieved in November 2021, as you possibly can see within the TradingView chart beneath.

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This rebound within the worth of SOL has allowed the cryptocurrency to climb positions, reaching fourth place in market capitalization with 96 billion {dollars}, displacing BNB, Binance’s cryptocurrency, based on knowledge from CoinMarketCap.

At the identical time, bitcoin (BTC) has additionally damaged data, surpassing $76,000 this weekwhich has had a constructive influence on the remainder of the market and has boosted the remainder of the crypto belongings.

Regulatory obstacles that solana has confronted

Despite its latest success, Solana faces important obstacles associated to regulation within the United States.

In 2023, the United States Securities and Exchange Commission (SEC) labeled SOL as a safety in its lawsuit towards the Binance exchange, as reported by CriptoNoticias.

The SEC Argues There Are Indications SOL Acts Like a Solana Labs Stockthe group behind its improvement, which, based on its guidelines, topics it to regulation by that physique.

In an replace to the lawsuit, the SEC has indicated that it plans to hunt permission to amend its indictment and, in the intervening time, won’t insist on a judicial dedication of whether or not SOL and different cryptocurrencies are securities.

This short-term pause may very well be a respite for solana and different cryptocurrenciesbecause the market adjusts to doable regulatory modifications on the horizon.

2025 seems promising for solana

The outlook for solana and different cryptocurrencies may change radically in 2025, the yr through which expectations of favorable modifications in regulation have gained energy after the latest victory of Donald Trump within the presidential elections of November 5.

Trump, who will take workplace in January, targeted a lot of his marketing campaign on providing the elimination of restrictive insurance policies for the cryptocurrency sector within the United States.

Among his guarantees stands out the dismissal of Gary Gensler, president of the SEC, who has been one of many greatest opponents of the development of the cryptocurrency trade.

Trump was essential of Gensler’s method and has promised regulation that he mentioned could be fairer and extra favorable to the trade.

In the times after his election, Trump’s group already shuffling names to interchange Gensleramongst whom is Dan Gallagher, present authorized director of the Robinhood exchange and former SEC commissioner, based on Reuters.

Gallagher is seen as a pretty possibility by cryptocurrency firm executives who’ve financially backed Trump’s marketing campaign.

Markus Thielen, CEO of 10x Research, famous that it is probably Gensler resigns within the transition course ofwhich might permit Trump to nominate somebody aligned together with his objectives to the SEC.

Thielen defined that, following historic patterns, Gensler may resign on the finish of this yr or early subsequent yr, and a brand new SEC chairman may very well be in place in April or May 2025.

Thus, with the help of a extra receptive authorities in direction of the cryptocurrency sector, solana and different different belongings like BTC face an encouraging state of affairs for subsequent yr.

The doable change of method in US regulation may give them new impetus, consolidating the positioning of belongings like SOL, which has already demonstrated a notable capability for development amidst regulatory challenges and market conduct.