With the Ethereum ETF set to debut Tuesday, the market is anxiously awaiting what asset could be next. That anticipation has aided one particular asset, as Solana ETF hopes have driven the price, with SOL nearing the coveted $200 mark. It’s performance has all but cemented it as one of the crypto market’s Big Three.
The asset has enjoyed a rather impressive 34% sure over the last 30 days, according to CoinMarketCap. Currently, at $180, there is the expectation that the token will continue to increase with an overarching positive sentiment present among traders. With the ETH ETF going live tomorrow, SOL could benefit the most.
Also Read: Solana Daily Wallet Count Spikes: How High Can SOL Trade This Week?
SOL ETF Hype has Drive Solana Rally
In a brand new report from CoinShares, the crypto market has seen inflows for July surpass the $3 billion mark. The massive surge seems to be piloted by ETF demand and hype. Bitcoin ETFs drove the inflows, totaling more than $1.27 billion. They were led by BlackRock’s iShares Bitcoin Trust.
Ethereum followed BTC closely, with $45 million in inflows. The development was likely closely connected to anticipation for the Ethereum ETF launch. With the crypto market expecting Solana to be next, the ETF hype has SOL eyeing a surge to the $200 price level.
The recent surge Solana has enjoyed is a result of increased trading activity and the possibility of an ETF in its future. “Strong fundamentals, coupled with positive market sentiment, are pushing SOL forward,” Amerdata researcher Pat Doyle recently said.
Also Read: Solana ETF is on the Way After Ethereum Launch, Analyst Says
The founding partner for crypto venture firm Stratos, Rennick Palley, echoed similar sentiments. “The upcoming ETH ETF launch is helping as well; SOL appears poised to be the next token with an ETF, which, given its relatively small size and strong price performance, would be extremely bullish.”
Both VanEck and 21Sharse have submitted forms with the US Securities and Exchange Commission (SEC) for Solana ETFs. Filed in late June, the products seem more likely. If SOL was to get approval for the investment offering, it would join Bitcoin and Ethereum as the only three crypto-based ETFs in the United States.