Solana’s price surged by 21.46% in a week, driven by VanEck’s ETF filing, reflecting strong investor interest.
Political events caused brief mid-week volatility, but Solana maintained an overall upward trajectory.
The potential approval of Solana ETFs could provide new investment opportunities, further boosting market confidence.
Solana (SOL) has recently been trading at approximately $170, exhibiting notable growth over the past week. Despite a slight decline of 0.09% in the last 24 hours, Solana’s value has increased by 21.46% over the last seven days. The cryptocurrency’s performance highlights its growing investor interest and potential for future gains.
LATEST: #Solana is now trading at the $170 level.Will it break $180 this weekend? pic.twitter.com/0jwBbSD8V9
— CoinGecko (@coingecko) July 19, 2024
Key Events Driving Price Movements
The beginning of the week saw Solana’s price at around $140-$145. A boost occurred on July 14, coinciding with the filing of an S-1 for a Solana ETF by VanEck, a move that likely fueled the initial surge in SOL’s value. By July 15, the price had jumped to approximately $150, with continued upward momentum observed in subsequent days.
Source: CoinMarketCap
Mid-week, the market experienced some volatility, particularly between July 16 and July 18. Reports of an assassination attempt on Donald Trump coincided with this period of volatility. Although such political events can impact market sentiment, they did not seem to have a lasting effect on Solana’s overall upward trajectory.
From July 19 to July 20, Solana’s price stabilized and continued its upward trend, reaching around $170. This steady increase reflects positive market sentiment and rising market confidence in Solana’s potential. The overall upward movement suggests that despite brief periods of volatility, Solana is maintaining a strong performance.
Introduction of Solana ETFs
VanEck, alongside 21Shares, filed with the U.S. Securities and Exchange Commission (SEC) to list the first Solana-based exchange-traded fund (ETF) in the United States. This ETF, named the VanEck Solana Trust, aims to mirror Solana’s performance and offer investors exposure to its unique blockchain ecosystem. This filing by Cboe Global Markets is a step towards introducing Solana ETFs to the market.
The approval of Solana ETFs would add to the existing range of crypto investment products, following the introduction of Bitcoin ETFs and the anticipated launch of Ethereum ETFs. Rob Marrocco, the global head of ETP Listings at Cboe, noted the increasing investor interest in Solana. If approved, Solana ETFs would provide investors with new opportunities to engage with this rapidly growing cryptocurrency.
Future Outlook
Solana’s recent price movement and the filing for Solana ETFs indicate a positive outlook for this cryptocurrency. While external events can introduce short-term volatility, the overall trend suggests a growing confidence in Solana’s market potential.
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The post Solana Price Hits $170 Amid 21% Weekly Surge, Will It Reach $180 This Weekend? appeared first on Crypto News Land.
