Kelvin Testimony Amachree
Solana (SOL) has demonstrated exceptional growth by soaring approximately 800% this year, surpassing both Bitcoin and Ethereum. Despite a recent drop to $141, the token has surged over 770% in the past year, according to CoinMarketCap.
This impressive growth has elevated Solana to a position alongside Bitcoin and Ethereum as one of the top three cryptocurrencies in the market. The filing of two Spot Solana ETFs this week indicates a growing interest in the token.
Solana’s price history has been volatile, starting at $0.9511, reaching a high of $260.06 in November 2021, dropping to under $10 by the end of 2022, and then surging to $126.36 in December 2023, reflecting its resilience and future growth potential.
Solana Outpaces Bitcoin and Ethereum in Yearly Gains
With an impressive 800% yearly gain, Solana is emerging as a strong contender for approval as a crypto-based ETF in 2024. This growth has solidified its standing in the market, positioning it as a leader alongside Bitcoin and Ethereum. GSR Markets report highlights Solana’s status as part of the crypto “Big Three,” indicating a potential ETF approval in the near future.
The potential approval of a Solana ETF would mark a significant development for both Solana and the broader crypto market, signaling a shift in regulatory sentiment that could pave the way for other crypto assets. The rising interest in Solana and Ether ETFs has overshadowed Bitcoin’s performance, suggesting a changing trend in the market.
An approved Solana ETF would provide a substantial boost to the industry and the token itself, introducing a new avenue for investors to access the crypto market. The filings by 21Shares and VanEck for a Solana investment product indicate a strong demand. As the market dynamics evolve, the response from regulators and investors to the growing popularity of Solana and other crypto assets will be intriguing to watch.