SOL Price Jumps 4.77% as Spot Solana ETF Approval Odds Rise - Coinspeaker

Key Notes

• Daily trading volume surged by 40% to $5.42 billion, with SOL consolidating at $165, poised for a breakout that could potentially lead to a 5x to 10x rally.
• CoinGlass data indicates an 11% rise in Solana futures open interest, surpassing $7.5 billion in the last 24 hours.
• Bloomberg analysts suggest that a Solana ETF approval could be imminent, with seven issuers already filing for spot ETFs.

Solana

SOL $166.5

24h volatility: 5.1%

Market cap: $87.47 B

Vol. 24h: $6.11 B

price has seen a healthy uptick in the last 24 hours, gaining nearly 5% as the odds of a Solana ETF approval increase, according to the latest Bloomberg report. Furthermore, the daily trading volume for SOL has also surged by nearly 40% to $5.42 billion, showing a strong bullish sentiment for the Ethereum competitor.

As of press time, SOL price is trading at $165, where it’s been consolidating for the past month.

Solana is on the verge of a significant breakout, with analysts suggesting that surpassing the $200 mark could trigger a substantial bull run. According to market expert Ali Martinez, this milestone might pave the way for a potential 5x to 10x surge in Solana price

Related article: Solana Foundation Signs Crucial MoU With Dubai's VARA: DetailsAs per the CoinGlass data, the Solana futures open interest has surged 11% in the last 24 hours, surging past $7.5 billion, suggesting strong bullish sentiment for the altcoin.

Solana ETF Approval Can Trigger SOL Price Rally

Bloomberg ETF strategists James Seyffart and Eric Balchunas have shared an important update noting that an altcoin ETF summer is around the corner, with Solana ETF having the highest odds of approval. A total of seven issuers have already filed for spot Solana ETFs.

Additionally, the Bloomberg analysts also stated that the US SEC may expedite decisions on spot Solana and staking ETF filings in response to Rex-Osprey’s efforts to leverage regulatory and legal workarounds to launch Solana and Ether staking products.

The ETF Store President Nate Geraci commented on the development.

Additionally, the Solana blockchain is also becoming the preferred choice for institutions to launch their products in the market. In the latest development, French financial giant Societe Generale-FORGE stated that it plans to launch its USD-pegged stablecoin on the Solana blockchain network.

nextDisclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.