Published on juli 10, 2024, 12:24 am
Image source: Fox News
```json [ { "TLDR": "Solana's native token SOL surged 17% to over $140 due to optimism around a potential spot Solana ETF. Trading at $141 currently, investors speculate if SOL will surpass $200, driven by filings for the ETF with the SEC. Network activity and scaling solutions strengthen Solana's performance, with increased transaction volume, active wallets, NFT volume, and TVL signaling growing ecosystem engagement." } ] ```
Solana’s price surged today as investors’ enthusiasm surrounding the potential spot SOL ETF has turned traders bullish on the altcoin. The native token of Solana, SOL, saw a significant 17% increase between July 7 and July 9, surpassing the $140 mark and recovering from recent losses.
Currently trading at $141, up by 3% in the last 24 hours, traders are now speculating whether this positive momentum will propel SOL’s price back above $200. This surge in trading activity coincides with VanEck and 21Shares submitting applications for a spot Solana exchange-traded fund (ETF) to the US Securities and Exchange Commission.
The Chicago Board Options Exchange (Cboe) confirmed this development on July 8, marking progress in the realm of crypto-based investment products. Rob Marrocco, global head of ETP listings at Cboe Global Market, highlighted that upon acknowledgment of the filing by the SEC, a decision must be made within 240 days regarding these ETFs underpinned by SOL.
While hopes are high for a spot Solana ETF approval, Bloomberg Senior ETF analyst Eric Balchunas pointed out that the outcome could be influenced by the upcoming US presidential elections in November. GSR Markets predicted that if approved and launched in the US, spot Solana ETFs could potentially drive up SOL’s price significantly.
The performance of Solana’s network is reinforced by its network activity and scaling solutions. DappRadar data revealed a notable increase in transaction volume among top Solana DApps over the past 24 hours. Additionally, there has been an uptick in unique active wallets and NFT volume contributing to Solana’s growing ecosystem.
Moreover, there has been a rise in total value locked (TVL) on the Solana network according to DefiLlama data. The increase indicates heightened user engagement with the network as developers actively participate in its ecosystem.
Analysis of Solana’s DApps and onchain activities suggests that SOL’s current price levels are supported, further increasing prospects for future growth. It is essential to note this article does not offer investment advice; readers are encouraged to conduct thorough research before making any investment decisions.
Original article posted by Fox News
