Solana's price surged over 12% following Gary Gensler's announcement of his resignation from the SEC, hitting around $264.50 on November 22, closing in on its record high of $267.50 from three years ago. This rise is part of a broader rally seen across tokens previously targeted by the SEC during Gensler's tenure, including XRP and Cardano, which also experienced significant price increases. The news aligns with Donald Trump’s promise to implement a crypto-friendly regulatory framework. Additionally, on November 21, the Cboe BZX Exchange initiated filings for spot Solana ETFs from major asset managers, which further boosted market sentiments. The simultaneous timing of these developments created a favorable environment for price growth, with evidence of Solana whales accumulating the asset. This bullish sentiment coincides with a technical breakout from a bull pennant pattern, with a price target around $284 for Solana in the near term.

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