You can also use Ethereum ETF The market awaits with anticipation what could debut on Tuesday. next. This anticipation helped one asset in particular, where the Solana ETF expectations have driven up the price. SOL is now nearing $200, the desired mark. The performance of SOL has cemented its place as one the Big Three crypto markets.
The asset’s performance over the last thirty days has been impressive, with a 34% gain. CoinMarketCap. The token is currently valued at $180 and traders are expecting it to continue increasing. SOL may benefit most from the ETH ETF that will be launched tomorrow.
Please Read This: Solana Daily Wallet Count Spikes: How High Can SOL Trade This Week?
SOL ETF hype has Driven Solana Rally
This brand new report is from CoinSharesIn July, crypto-market inflows exceeded $3 billion. This massive rise in demand for ETFs and the hype surrounding them seems to be driving this huge surge. Bitcoin ETFs were the main drivers of these inflows. They totaled more than $1.2 billion. The inflows were led by BlackRock’s iShares Bitcoin Trust.
Ethereum was close behind BTC, with inflows of $45 millions. It is likely that the development was closely related to expectations for an Ethereum ETF. As the cryptocurrency market expects Solana, nextSOL has been eyeing an increase in its price to $200 due to ETF hype.
Solana’s recent boom is due to increased trading and the potential for an ETF. “Strong fundamentals, coupled with positive market sentiment, are pushing SOL forward,” Amerdata Pat Doyle, a researcher at the University of Pennsylvania, recently stated:
Please Read This: Solana ETF is on the Way After Ethereum Launch, Analyst Says
Rennick palley, the founding partner of crypto venture firm Stratos echoed similar sentiments. “The upcoming ETH ETF launch is helping as well; SOL appears poised to be the next token with an ETF, which, given its relatively small size and strong price performance, would be extremely bullish.”
You can also read about how to use VanEck and 21Sharse Solana ETFs have been filed with the US Securities and Exchange Commission. These products, filed at the end of June, seem to have a higher probability. SOL’s investment product, if approved by the SEC, would be the third crypto-based exchange traded fund in the United States.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: watcher.guru