The crypto investors are pumped with the recent updates in the Solana ETF filings and the experts’ take on its approval. Being the 6th biggest crypto and official token of a popular blockchain network, Solana (SOL) is often in demand. Even today, its trading volume has skyrocketed 113%, signaling investors’ confidence in the altcoin. Why? Let’s discuss.
Solana ETF Odds & Other News Fueling Trading Volume
Solana is among the most popular blockchains, and many trending meme coins have been launched on it. Their performance and on-chain activity also fuel the SOL token price and trading volume. In June, it processed 45.77M transactions, outpacing Ethereum. Additionally, with the crypto market recovering after the crash today, the assets with high investor activity are in green.
Although the same is true for SOL, its ETF hype is the bigger catalyst. Just recently, ETF issuers updated their filings per the SEC’s request. This event pumped the investors ‘ expectations for spot Solana ETF approval.
Bloomberg analyst James Seyffart has predicted high chances of Solana approval, and Polymarket odds show confidence in the same, hence high trading volume, currently at $4.53B.
Besides, Invesco and Galaxy Digital registered the Invesco Galaxy Solana Trust, hoping to launch the exchange-traded fund in the US. As more and more companies follow this trend, the demand for the token is also rising. It is trading at $157.27 after a 7.7% surge today, per CoinMarketCap.
Is the SEC About to Approve Solana ETF?
SEC’s request for updated ETF filing is believed to be a positive hint about the upcoming approval. Moreover, the experts’ analysis and the maintained Polymarket odds (above 90%) for approval signal strong chances.
However, the SEC has not officially announced any news, and the uncertainty persists. More importantly, the SEC is not overlooking only exchange-traded funds, as there are 70+ more.
XRP and Dogecoin ETF approval odds are also high, so the competition may affect SOL’s approval chances.
Frequently Asked Questions (FAQs)
The Solana price surged 7.7% today due to high investor activity (trading volume up 113%).
SEC is reviewing the spot Solana ETF filing and has yet to decide. Recently, the ETFs have updated their filings per the SEC’s instructions.
Experts believe there’s a high probability that the SEC will approve the SOL ETF, but there’s also uncertainty.
Pooja Khardia
With a deep-seated passion for reading and five years of experience in content writing, Pooja is now focused on crafting trending content about cryptocurrency market.
As a dedicated crypto journalist, Pooja is constantly seeking out trending topics and informative statistics to create compelling pieces for crypto enthusiasts. Staying abreast of the latest trends and advancements in the field is an integral part of her daily routine, fueling a commitment to delivering timely and insightful coverage
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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