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In 2022, after the FTX incidents, attention turned to Solana. Solana’s price experienced an incredible drop during that period, falling to $8. After the decline, while the entire market thought Solana was finished, the price recovered and moved above $100 by the end of 2023. SOL didn’t stop there; it surpassed $200 during the meme coin craze in March, hinting at its previous ATH. So, what’s happening with Solana now?
ETF Application for Solana
Solana (SOL) recently attracted attention with an ETF application in Canada. Following this, VanEck submitted an application to the Securities and Exchange Commission (SEC), which caused a significant stir.
The existing Bitcoin rise in the market also created a positive trend for other altcoins, resulting in slight gains for the bulls. The cryptocurrency market rose to $2.29 trillion after a 0.67% increase, while Solana’s price surged over 8%.
Despite the rise following the ETF news for Solana, a pullback was observed in the rest of the market. The BTC price, which had risen, seemed to reverse, returning to the $61,500 level.
Solana’s Price is Rising
After the rise in the last 24 hours, Solana’s price surpassed the $150 level but pulled back slightly. At the time of writing, Solana is trading at $148.7 after a rise of over 9%, with weekly growth exceeding 10%. Despite all this rise, the 30-day outlook shows that the price is still down by 13%.
A noticeable growth is also observed in Solana’s market cap, with investors curious about when SOL will surpass the $100 billion market cap again. After similar rises, SOL’s market cap exceeded $68.5 billion.
Solana’s 24-hour trading volume also rose by 52%, reaching $2.73 billion, indicating intense interest in Solana due to the price increase.
Impact of ETFs on the Market
Recently, ETFs have become significant for individuals and institutions unsure where to enter the crypto market. About three months after Spot Bitcoin ETFs started trading on January 10, BTC’s price surpassed $73,000, achieving an ATH before the halving.
Attention now seems to be turning to the spot Ethereum ETF. There are reports that the Spot Ethereum ETF will be approved in the first week of July, which could significantly impact Ethereum’s price.
Applications for Solana could similarly affect SOL, as institutional interest in SOL has been significant. Besides BTC, ETH, and SOL, there are also comments about a potential ETF for XRP in the future.
