The post Solana Price Spikes After VanEck Files for First ETF in US appeared on BitcoinEthereumNews.com.

We do the research, you get the alpha! Get exclusive reports and access to key insights on airdrops, NFTs, and more! Subscribe now to Alpha Reports and up your game! Go to Alpha Reports Solana (SOL), the world’s fifth-largest cryptocurrency by market capitalization, has experienced a significant price surge in the last 24 hours, becoming the fifth-best performer in the top 100 cryptocurrencies by market cap. The cryptocurrency spiked by 6.6% within an hour, and is up by almost 9% within the last day to a current price just below $150. This sudden upward trend follows the Thursday morning announcement of VanEck’s filing for a Solana ETF. As Decrypt reported, VanEck, a prominent New York-based investment management firm known for its exchange-traded fund (ETF) products, filed an S-1 registration statement on Thursday for its “VanEck Solana Trust.” This move marks the first public attempt to launch a spot Solana (SOL) ETF in the United States. The firm, which already offers a spot Bitcoin ETF and an Ethereum futures ETF, recently filed an 8-A form for a spot Ethereum ETF. This development comes after the Securities and Exchange Commission (SEC) gave initial approvals for such Ethereum funds, leading to speculation among analysts about the next suitable crypto asset for an ETF. Many experts suggested that a Solana ETF was a likely next step. Even before the announcement, Solana was showing signs of a potential upward trend. Since June 24, the coin has been recovering from a brief bearish correction that saw its price drop to $123. It quickly rebounded and stabilized in a horizontal channel between $135 and $140. Price of Solana (SOL). 1-hour candlesticks. Image: Tradingview This stable performance switched the indicators from bearish to bullish in the intraday time frame—used by quick traders, who enter and exit positions in…

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Filed under: News - @ June 29, 2024 12:16 am