Solana (SOL) Spikes 6.4% as VanEck, 21Shares Race to Launch Spot ETFs in the US

The fifth-largest digital asset by market cap spiked 6.4% in the last 24 hours, exceeding the gains of Bitcoin (BTC) and Ethereum (ETH).

Solana (CRYPTO: SOL) is rising amid fresh applications for the first-ever exchange-traded funds tracking the coin's spot price in the U.S.

Fifth-Largest Crypto Surges: Solana, the fifth-largest digital asset by market cap, spiked 6.4% in the last 24 hours, outpacing the gains of Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH).

Solana's trading volume also surged by 50% to reach $1.68 billion, making it the third-most traded cryptocurrency, excluding stablecoins, in the last 24 hours.

Solana's weekly gains also increased to 16.59%, which is one of the strongest performances among large-cap cryptocurrencies.

Solana Spot ETF Applications: The latest bullish momentum for Solana is being driven by applications for spot ETFs for the coin.

After VanEck began the race last week by becoming the first asset manager to file for such an investment vehicle in the U.S., 21Shares also applied with the SEC for a Solana spot ETF.

Spot cryptocurrency ETFs in the U.S. have seen great success so far, with the Bitcoin (CRYPTO: BTC) funds surging by 36% after they began trading in early January.

Ethereum (CRYPTO: ETH) is also set to be listed on U.S. exchanges in the coming days, pending approval by the SEC.

Solana Price Action: At the time of writing, SOL was trading at $147.55, showing a surge of 6.4% in the last 24 hours, according to data from Benzinga Pro.

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