The cryptocurrency market has been showing signs of recovery from its recent downturn. Notably, Solana Coin has seen a significant 5.40% increase in the past 24 hours, outperforming other altcoins. This SOL Coin’s surge follows the July 8 filing of two Form 19b-4 applications by the Chicago Board Options Exchange (CBOE), one for the VanEck Solana Trust and the other for the 21Shares Core Solana ETF.
The SEC has 240 days to decide on the rule modification permitting CBOE to offer VanEck and 21Shares products. However, Bloomberg ETF analyst Eric Balchunas indicated that Solana ETFs have a final deadline of mid-March 2025.
Balchunas also observed that the outcome of the U.S. Presidential election in November will significantly influence the SEC’s decision on the Solana (SOL) ETF. If Biden wins, the Solana ETFs are likely to be “dead on arrival,” according to the analyst. However, a Trump victory could leave the decision more uncertain.
Is Solana Set to Skyrocket to $160?
Solana (SOL) had been struggling over the past month, much like other assets in the market, experiencing volatility and fluctuating prices. At the time of writing, the SOL Coin is trading at $141 and surged by 7 % over the last 24 hours, reflecting this positive momentum.
Additionally, the daily trading volume of the Solana Coin saw a significant increase of 54%, reaching $3,491,927,463. This rise in activity suggests growing interest and confidence from investors, possibly driven by recent technological updates or market sentiment shifts.
Solana-based investment funds saw impressive inflows of $16.30 million last week, significantly surpassing Ethereum (ETH), which had $10.20 million in inflows during the same period. This substantial increase has brought SOL’s total inflows for the year to $57 million, highlighting growing investor confidence and interest in Solana’s blockchain technology.
As the market continues to evolve, Solana’s performance will be closely watched by both institutional and individual investors, potentially setting new benchmarks in the crypto investment landscape.
Also Read: Bitcoin (BTC): Australia Set to Launch Second Bitcoin ETF
Disclaimer
The information in this article should not be considered financial advice, and the OvenAdd platform is intended only to provide educational and general information. Please conduct your own research and consult a financial advisor before making any investment choices.
