Solana (SOL) might look like it is dipping right now, if you only look at it at a glance, but this coin is actually bullish, having gained almost 10% recently.

On Thursday, Solana jumped from $135 to $150. It has since settled down to $144.07 (SOL/USD), its current price. What caused the price jump, though, especially with much of the crypto industry trending down right now?

That would be the first Solana ETF filing from VanEck. This mutual fund management firm is a major cryptocurrency market player. Their entry into the ETF niche helps give ETFs some legitimacy and may pave the way for other major players to dip their toes into the ETF waters.

Spot Ethereum ETFs will be coming soon, but none of them have hit the market yet. They were approved by the US Securities and Exchange Commission earlier this month, which gave a boost to the crypto market and especially to Ethereum.

Will Solana Stay High?

The crypto market is volatile right now, with many of the tokens trending downward, but Solana is managing to stand out thanks to this ETF news. Excitement for ETFs is not going away anytime soon, and we should see more of these filings in the near future. Whether ETFs are a major part of the crypto market’s future or not, right now they are a hot topic of conservation, and any news there that relates to Solana will help propel the coin upward.

The crypto market may be held back by a high inflation rate right now, but we may have some positive news in that regard very soon. New reports for personal consumption expenditures and for the housing market are hitting later today. They may shed some more light on where the economy is at and if the inflation rate is moving at all. You can be sure the Federal Reserve will be paying attention to those inflation indicators, and we expect them to impact where Solana is headed as well.