Solana's Market Value Soars After Vaneck's ETF Application
Solana (SOL) experienced a significant surge in value on Thursday following the submission of a proposal by digital asset manager Vanek to list an SOL-based ETF on US stock exchanges. Within the past 24 hours, SOL has risen by 8.1% against the US 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 ranking as the fifth-largest digital asset by market value, SOL has experienced a decline of over 11% against the US dollar in the last 30 days. However, over the course of the past year, solana (SOL) has seen an impressive surge of 802%. It is worth noting that solana still has a way to go before reaching its all-time high of $259 per coin, which was achieved on November 6, 2021. Furthermore, on South Korean exchanges such as Upbit and Bithumb, SOL is trading 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 demonstrates a significant recovery, the path to reaching previous highs will depend on broader market sentiments and investor confidence in the innovations of the blockchain network.
What are your thoughts on solana's value skyrocketing on Thursday? Feel free to share your opinions on this matter in the comments section below.