Will Solana's Rise Continue? Coinbase Report Focused on 3 Topics!

Analysts of Coinbase, the largest stock exchange in the USA, attracted attention with the Solana (SOL) report

Solana increased by 9% this week, leaving Bitcoin and Ethereum behind. During the same period, Bitcoin and Ethereum fell 4% and 2% respectively. This performance was driven by many internal catalysts specific to the Solana ecosystem, according to Coinbase analysts

Coinbase analysts David Duong and David Han, who recently published a report, pointed to VanEck's spot Solana ETF application and ZK Compression technology

This performance was driven by a number of endogenous catalysts unique to the Solana ecosystem, including major technology releases and VanEck's filing of the first spot Solana ETF in the US

The ZK Compression technology recently announced by the team will focus on reducing costs, especially for large-scale token distributions.

Analysts also noted that Solana's Blockchain Links (Blinks) technology could deliver an "improved and more universal user experience" for Solana applications.

VanEck's Solana ETF Application in the USA

The report also included that fund manager VanEck applied for an exchange traded fund (ETF) for Solana.

“I am excited to share that we have filed for the FIRST Solana exchange-traded fund (ETF) in the US,” VanEck Head of Digital Assets Research Matthew Sigel said in a post on X on Thursday.

Coinbase analysts commented that “whatever the outcome of this development, it is promising.”

Analysts noted that if these catalysts can find good support from the community, the rise may continue and unexpected movements may be seen, especially in the Solana-based meme coin market.

According to CoinGecko data, SOL, which has lost 2.3% in value in the last 24 hours, is traded at $ 142 at the time of writing.

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