Solana price rose 8.1% after Vaneck filed for SOL-based ETF
Cryptocurrency Solana (SOL) rose significantly in price on Thursday after digital asset manager Vaneck submitted a proposal to list an ETF based on SOL on US stock exchanges.
Over the past 24 hours, SOL has added 8.9%, with the main increase occurring precisely after the organization’s statement. SOL currently trades around the $150 level with a market capitalization of approximately $62 billion.
Interestingly, on the South Korean exchanges Upbit and Bithumb, SOL has a 2.06% premium compared to the global average.
Over the past 12 months, the fifth-largest digital asset by market value, SOL, has increased in value by 802%. However, Solana still has a long way to go to reach its all-time high of $259, set on November 6, 2021.
The rise in Solana's value following Vaneck's ETF proposal underscores the evolving dynamics in the cryptocurrency market. However, a potential move to previous highs will depend, among other things, on overall market sentiment and investor confidence in blockchain network innovations.
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