Crypto media outlet CoinDesk reported that after Vaneck filed an application with the U.S. Securities and Exchange Commission (SEC) to launch an exchange-traded fund (ETF) based on Solana, the value of Solana against the US dollar increased by 8.1%. In addition to Bitcoin, Ethereum, and stablecoins, Solana now has the highest daily trading volume among all other cryptocurrencies on the market aggregation platform.
Vaneck’s ETF application boosts the market value of Solana
Solana (SOL) saw a significant increase on Thursday after digital asset management company Vaneck submitted a proposal to list an ETF based on SOL on the U.S. stock exchange. Within the past 24 hours, SOL has risen by 8.1% against the US dollar, with Vaneck’s announcement being the biggest driver of this increase. Currently, the trading price of SOL is between $149 and $150 per coin, with a market value of around $69 billion.
Despite being the fifth largest cryptocurrency by market value, SOL has still experienced a decline of over 11% against the US dollar in the past 30 days. However, over the past 12 months, Solana (SOL) has surged by 802%. There is still a way to go for Solana to reach its historical high of $259 per coin set on November 6, 2021. Additionally, on Korean exchanges such as Upbit and Bithumb, the premium for SOL is 2.06% compared to the global average.
The increase in the value of Solana after Vaneck proposed the ETF highlights the dynamic changes in the cryptocurrency market. While SOL’s recent performance represents a significant recovery, whether it can reach previous highs will depend on broader market sentiment and investor confidence in blockchain network innovation.
What are your thoughts on the sharp increase in Solana’s value on Thursday? Share your thoughts and opinions on this topic in the comments section below.
