- VanEck’s Solana ETF announcement boosts SOL by 12%, with a 9% surge and 30% rise in trading volumes.
- Solana’s DeFi TVL jumps 346% to $4.5B, driven by projects like JITO and Marginfi.
- SOL’s $149.57 price reflects a 0.17% daily and 8.20% weekly increase, bolstered by ETF optimism.
Solana (SOL) has recorded an increase of 12% recently following VanEck’s announcement of a new Solana ETF. VanEck, known for Bitcoin ETFs, aims to let investors buy SOL directly, which could make more people want SOL and raise its price.
VanEck’s filing on June 27th quickly affected SOL’s ecosystem, causing a significant 9% price increase within 24 hours. At the same time, trading volumes surged by 30%, showing increased investor interest after the ETF news. More people searching to buy SOL on platforms like Coinbase also helped boost SOL’s performance over the weekend.
The increase in SOL’s value matches the growth in Solana’s DeFi sector. The amount of money locked in Solana’s DeFi projects has gone up from $1.3 billion earlier this year to $4.5 billion now, which is a huge 346% increase.
Solana is popular because it can handle more than 65,000 transactions per second without charging high fees. This makes Solana a strong rival to Ethereum, attracting developers and projects that need fast, efficient blockchain technology.
VanEck’s proposed U.S. spot Solana ETF shows that traditional financial markets are increasingly accepting SOL. If approved, the ETF would let investors invest in SOL without owning the cryptocurrency directly, possibly encouraging more institutions to adopt SOL and increasing its availability.
Currently priced at $149.57, SOL’s recent performance reflects its resilient market dynamics, with a 24-hour trading volume exceeding $2.6 billion. This marks a 0.17% increase in the past day and an 8.20% rise over the last seven days, highlighting its positive trajectory post-ETF announcement.
Solana’s price jumped by double digits after VanEck filed for its ETF, showing that investors are more confident in its future. With institutions showing more interest, SOL is becoming more important in the world of digital assets.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
