Solana's price surged by 12% on November 17, reaching over $242, its highest level in three years. This increase is attributed to positive remarks from VanEck concerning the potential approval of spot Solana exchange-traded funds (ETFs) in the U.S., which has heightened investor sentiment. Matthew Sigel from VanEck indicated that the likelihood of a Solana ETF approval by the end of 2025 is very high, potentially facilitating institutional investment in SOL. In addition to this optimism, Solana is seeing a spike in key network metrics, with decentralized exchange (DEX) trading volume dominating 33.59% of market activity, significantly outperforming Ethereum's 17.54%. Furthermore, massive short liquidations in the futures market added to the price rise, with $14.47 million in short positions liquidated on the same day. Solana's open interest also reached a record high of $4.82 billion, suggesting increased speculation. Technically, SOL's performance indicates a breakout from a descending triangle pattern, signaling bullish market sentiment.

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