Home web3.0 Solana (SOL) ETF Hopes, Rising Fundamentals Are Driving Prices Higher, Traders Say

Solana (SOL) ETF Hopes, Rising Fundamentals Are Driving Prices Higher, Traders Say

Jul 23, 2024 am 09:46 AM

The total value of tokens locked on Solana has increased over 25% in a month, crossing the $5.28 billion mark to levels not seen since April 2022

Solana (SOL) ETF Hopes, Rising Fundamentals Are Driving Prices Higher, Traders Say

Solana (SOL) prices continued their rally Monday morning, rising to new three-month highs as the token outperformed bitcoin (BTC) and ether (ETH) in the past week amid rising expectations of a Solana exchange-traded fund (ETF) product.

SOL prices rose over 18% in the past seven days to trade above $180 early Monday, outpacing bitcoin’s 3.5% gain and ether’s 10% rise in the same period. SOL prices also hit a new three-month high Monday, reaching levels last seen in early May.

The outperformance comes as some market observers pointed to a recent surge in trading activity on Solana-based applications, boosting fundamentals.

“The Solana ecosystem is showing robust growth, evidenced by increased DEX activity, rising daily active users, and growing fee accrual to the network,” Pat Doyle, a blockchain researcher at Amberdata, told CoinDesk. “These strong fundamentals, coupled with the positive market sentiment, are pushing SOL forward.”

Solana’s key appeal among traders lies in its fast settlement speeds and low fees, which have been the basis for meme coin trading frenzies several times in the past year.

In comparison, Ethereum, the world’s largest blockchain by total value locked (TVL) of $60 billion, recorded smaller volumes at $1.7 billion but higher fees at $3 million because it’s more expensive for users to trade on the network.

The rising expectations of a Solana ETF are also boosting SOL prices, traders said.

In early July, the Cboe submitted 19b-4 filings with the Securities and Exchanges Commission (SEC) asking to list VanEck’s and 21Shares’ potential spot Solana ETFs, which were initially filed in late June.

Block traders had told CoinDesk at the time that the filings were expected as the SEC prepares to approve the first spot crypto ETF filings after approving several futures-based products last year.

“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,” Rennick Palley, founding partner at crypto venture fund Stratos, told CoinDesk.

SOL prices hit all-time highs above $260 in late 2021, outperforming bitcoin and ether for much of last year.

SOL prices later crashed over 90% from all-time highs as the broader crypto market slid into a bear market in mid-2022.

SOL prices have recovered over 200% from 2022 lows in the past six months as the broader market recovered.

SOL prices are now up over 700% from 2022 lows, outpacing bitcoin’s 150% gain and ether’s 300% gain in the same period.

The above is the detailed content of Solana (SOL) ETF Hopes, Rising Fundamentals Are Driving Prices Higher, Traders Say. For more information, please follow other related articles on the PHP Chinese website!

Statement of this Website
The content of this article is voluntarily contributed by netizens, and the copyright belongs to the original author. This site does not assume corresponding legal responsibility. If you find any content suspected of plagiarism or infringement, please contact admin@php.cn

Hot AI Tools

Undresser.AI Undress

Undresser.AI Undress

AI-powered app for creating realistic nude photos

AI Clothes Remover

AI Clothes Remover

Online AI tool for removing clothes from photos.

Undress AI Tool

Undress AI Tool

Undress images for free

Clothoff.io

Clothoff.io

AI clothes remover

Video Face Swap

Video Face Swap

Swap faces in any video effortlessly with our completely free AI face swap tool!

Hot Tools

Notepad++7.3.1

Notepad++7.3.1

Easy-to-use and free code editor

SublimeText3 Chinese version

SublimeText3 Chinese version

Chinese version, very easy to use

Zend Studio 13.0.1

Zend Studio 13.0.1

Powerful PHP integrated development environment

Dreamweaver CS6

Dreamweaver CS6

Visual web development tools

SublimeText3 Mac version

SublimeText3 Mac version

God-level code editing software (SublimeText3)

Hot Topics

Java Tutorial
1664
14
PHP Tutorial
1267
29
C# Tutorial
1239
24
Nasdaq Files to List VanEck Avalanche (AVAX) Trust ETF Nasdaq Files to List VanEck Avalanche (AVAX) Trust ETF Apr 11, 2025 am 11:04 AM

This new financial instrument would track the token's market price, with a third-party custodian holding the underlying AVAX

OM Mantra Cryptocurrency Crashes 90%, Team Allegedly Dumps 90% of Token Supply OM Mantra Cryptocurrency Crashes 90%, Team Allegedly Dumps 90% of Token Supply Apr 14, 2025 am 11:26 AM

In a devastating blow to investors, the OM Mantra cryptocurrency has collapsed by approximately 90% in the past 24 hours, with the price plummeting to $0.58.

TrollerCat ($TCAT) Stands Out as a Dominant Force in the Meme Coin Market TrollerCat ($TCAT) Stands Out as a Dominant Force in the Meme Coin Market Apr 14, 2025 am 10:24 AM

Have you noticed the meteoric rise of meme coins in the cryptocurrency world? What started as an online joke has quickly evolved into a lucrative investment opportunity

Zcash (ZEC) Reaches a High of $35.69 as a Record Amount of Tokens Move Out of Circulation Zcash (ZEC) Reaches a High of $35.69 as a Record Amount of Tokens Move Out of Circulation Apr 09, 2025 am 10:36 AM

Zcash was one of the top gainers during the latest market rally, reaching a high of $35.69 as traders moved a record amount of tokens out of circulation.

Is Wall Street Quietly Backing Solana? $42 Million Bet Says Yes Is Wall Street Quietly Backing Solana? $42 Million Bet Says Yes Apr 10, 2025 pm 12:43 PM

A group of former Kraken executives acquired U.S.-listed company Janover, which secured $42 million in venture capital funding to begin building a Solana (SOL) treasury.

The Crypto Market Has Witnessed a Rebound Following the Recent Sheer Downturn The Crypto Market Has Witnessed a Rebound Following the Recent Sheer Downturn Apr 13, 2025 am 11:40 AM

The crypto market has witnessed a rebound following the recent sheer downturn. As per the exclusive market data, the total crypto market capitalization has reached $2.71Ts

As Fear Drives Selling, BlockDAG (BDAG) Stands Out from the Crowd As Fear Drives Selling, BlockDAG (BDAG) Stands Out from the Crowd Apr 13, 2025 am 11:48 AM

As fear drives selling in the crypto market, major coins like Cardano and Solana face tough times.

Bitcoin (BTC) Has Outperformed Ethereum by Over 85% in Realized Market Cap Growth Bitcoin (BTC) Has Outperformed Ethereum by Over 85% in Realized Market Cap Growth Apr 11, 2025 am 10:12 AM

Bitcoin (BTC) has outperformed Ethereum by over 85% in realized market capitalization growth, according to data provided by on-chain analytics platform Glassnode on April 10.