Assessing how Solana’s ETF application can turn things around for SOL
The post Assessing how Solana’s ETF application can turn things around for SOL appeared on BitcoinEthereumNews.com.
Solana has experienced a sustained decline in the last seven days. Despite the application of a Solana ETF, negative market sentiment persisted. After a sustained downtrend, Solana [SOL] caused increased hype after 3iQ, a Canadian digital asset management company, applied for a SOL ETF. In Report, 3iQ reported on X, “3iQ Corp is pleased to announce that we have submitted a preliminary prospectus for the Solana Fund (QSOL) in Canada in an initial public offering.” QSOL application is a golden opportunity for traders and enthusiasts, as it will provide opportunities to enjoy profits from SOL staking. Equally, it increases a pool for investment, thus widening the scope for those seeking to earn incomes while supporting the SOL ecosystem. The approval of QSOL will bring diversity and open doors for other altcoins. Essentially, the approval and success of QSOL would inspire other countries, especially the U.S., to open doors for similar arrangements and continually consider approval of ETFs for other small cryptocurrencies. Market implications of QSOL’s application In the last seven days, SOL has experienced a considerable downtrend. Despite the news about the QSOL application, markets have failed to show positivity and reverse the trend. However, various crypto analysts have expressed their positivity with the development. For instance, Ash Crypto shared his analysis on X, stating that, ” Sol is now retesting its support level. Everything is screaming bullish for Solana.” Source: TradingView Despite the excitement and bullish news, AMBCrypto’s analysis showed that the market sentiment has remained bearish. At press time, SOL was trading at $134.63, a 0.66% surge in the last 24 hrs. In the last seven days, it has declined by 6.53%, with a 62% decline in trading volume to $738M. According to CoinMarketCap, SOL’s market cap has surged by 0.59% in 24 hrs to $62.2B. Source: TradingView…
Filed under: News - @ June 24, 2024 3:08 am