Solana’s Market Value Soars as Vaneck Proposes ETF
Solana (SOL) experienced a significant surge in value on Thursday after Vaneck, a digital asset manager, submitted a proposal to list an ETF based on SOL on U.S. stock exchanges. Within the past 24 hours, SOL has risen by 8.1% against the U.S. dollar, with the majority of gains occurring after Vaneck’s announcement. Currently, SOL is being traded at prices ranging from $149 to $150 per coin, with a market capitalization of approximately $69 billion.
Despite currently being the fifth-largest digital asset in terms of market value, SOL has witnessed a decline of over 11% against the U.S. dollar in the last 30 days. However, over the past 12 months, solana (SOL) has experienced an impressive surge of 802%. SOL still has some ground to cover before reaching its all-time high of $259 per coin, achieved on November 6, 2021. Furthermore, on South Korean exchanges such as Upbit and Bithumb, SOL is traded at a 2.06% premium compared to the global average.
The increase in solana’s value following Vaneck’s ETF proposal highlights the changing dynamics within the cryptocurrency market. While SOL’s recent performance indicates a noteworthy recovery, its journey towards previous highs will depend on broader market sentiment and investor confidence in the blockchain network’s innovations.
What are your thoughts on solana’s value surging on Thursday? Feel free to share your opinions on this matter in the comments section below.
