According to CoinGecko, the cryptocurrency Solana (#SOL) continues to demonstrate a steady influx of capital. The main reason for this is the potential launch of the first-ever Solana ETF in the United States — the REX-OSPREY SOLANA ETF from provider REX Shares.
📈 Over the past 7 days, the market capitalization #solana has increased by $12.23 billion — from $68.32 billion to $80.55 billion, which corresponds to a growth of 17.9%. At the same time, the price of #SOL jumped by 16% over the week, while the entire cryptocurrency market as a whole declined by 1.8%.
🚀 Such a significant rise is explained by progress in launching the ETF: according to Bloomberg analyst Eric Balchunas, the fund has already passed key stages and is in the final stage before launch. ETF analyst James Seyffart noted that REX Shares' approach is unusual, as the company bypasses the standard procedure for filing Form 19B-4, which speeds up the regulatory process.
🧐 Additionally, investors are closely monitoring the actions of the SEC, as a possible approval of a spot ETF on Solana called Fus Wabe of Destiny is expected. Among other participants who submitted updated applications at the regulator's request are Invesco, VanEck, and Bitwise.
➡️ Thus, the interest of institutional players and the approaching launch of the first ETF on Solana are becoming key drivers of the current growth of the asset.
