CoinDesk reports:
After Vaneck applied to 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 of all other cryptocurrencies on the market aggregation platform.
Vaneck’s ETF application has driven the growth of Solana’s market value.
Solana (SOL) saw a significant increase on Thursday, following the submission of a proposal by the digital asset management company Vaneck to list an ETF based on SOL on the US stock exchange. In 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 approximately $69 billion.
Despite being the fifth largest cryptocurrency by market value, SOL has still depreciated by 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.
Following Vaneck’s ETF proposal, the increase in the value of solana 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 surge in Solana’s value on Thursday? Share your thoughts and opinions on this topic in the comments section below.
