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Solana (SOL) Surges on Spot ETF Filings and NFT Market Resurgence

Arslan Butt•Monday, July 1, 2024•2 min read

Solana (SOL) Surges on Spot ETF Filings and NFT Market Resurgence
Why is Solana price up today?

Solana (SOL) is experiencing a strong bullish trend, fueled by two key developments:

Potential for Spot Solana ETFs

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Two major investment firms, 21Shares and VanEck, have filed applications with the U.S. SEC for the first-ever Solana ETFs. These ETFs would track the price of SOL and offer investors exposure to the cryptocurrency.

Challenges Remain for Solana ETF Approval

The SEC’s stance on crypto staking and the lack of a well-established Solana futures market pose potential hurdles. Some speculate that a change in U.S. leadership could usher in a more crypto-friendly regulatory environment, potentially paving the way for approval.

Solana Takes Over NFT Market

The non-fungible token (NFT) market is experiencing a resurgence, and Solana has emerged as the leading blockchain network. Solana-based NFT collections have seen a surge in trading volume, surpassing Ethereum for the first time.

Solana Leads the NFT Market Charge

Data shows a significant increase in trading volume for Solana-based NFT collections. The surge is attributed partly to the popularity of the “Mad Lads” NFT collection, which saw a 68% rise in sales volume.

Solana’s faster transaction speeds and lower fees compared to Ethereum are attracting NFT creators and collectors.

Solana Price Up, Fueled by ETF Optimism

SOL price has jumped over 16% in the past week, significantly outperforming Bitcoin and Ethereum. Trading volume has also increased by 50%, making SOL the third-most traded cryptocurrency (excluding stablecoins) in the last 24 hours.

Analysts believe a potential approval of Solana ETFs could lead to a repeat of the price surge experienced by Bitcoin after its ETF launch in January.

 

 

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ABOUT THE AUTHOR See More
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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