MEXCWhy Solana Trading Volume Skyrocketed 113% Today: ETF Approval Confirmed?
Highlights
- Solana ETF approval odds skyrocketed as investors' sentiments turned highly optimistic.
- Investors’ confidence pumps the Solana’s trading volume (up 113%) and price (up 7.7%) today.
- SEC's decision on SOL ETF is still pending, but experts claim a high chance of approval.
The upcoming SEC’s decision on the Solana ETF keeps the investors occupied, especially as the high approval odds are forming. The SOL token itself is in high demand and is the 6th biggest cryptocurrency, and today its trading volume has skyrocketed 113% as the investors’ interest builds. Let’s discuss.
Solana ETF Odds & Other News Fueling Trading Volume
Solana is among the most popular blockchains, and many trending meme coins have been launched on it. Their performance and on-chain activity also fuel the SOL token price and trading volume. In June, it processed 45.77M transactions, outpacing Ethereum. Additionally, with the crypto market recovering after the crash today, the assets with high investor activity are in green.
Although the same is true for SOL, its ETF hype is the bigger catalyst. Just recently, ETF issuers updated their filings per the SEC’s request. This event pumped the investors ‘ expectations for spot Solana ETF approval.
Bloomberg analyst James Seyffart has predicted high chances of Solana approval, and Polymarket odds show confidence in the same, hence high trading volume, currently at $4.53B.
Besides, Invesco and Galaxy Digital registered the Invesco Galaxy Solana Trust, hoping to launch the exchange-traded fund in the US. As more and more companies follow this trend, the demand for the token is also rising. It is trading at $157.27 after a 7.7% surge today, per CoinMarketCap.
Is the SEC About to Approve Solana ETF?
SEC’s request for updated ETF filing is believed to be a positive hint about the upcoming approval. Moreover, the experts’ analysis and the maintained Polymarket odds (above 90%) for approval signal strong chances.
However, the SEC has not officially announced any news, and the uncertainty persists. More importantly, the SEC is not overlooking only exchange-traded funds, as there are 70+ more.
XRP and Dogecoin ETF approval odds are also high, so the competition may affect SOL’s approval chances.
Frequently Asked Questions (FAQs)
1. Why is the Solana price up today?
2. What are the latest updates on Solana ETF?
3. Can the SEC approve the SOL ETF?
- $7B Virtu Financial Holds $63M XRP as Whales Accelerate Daily Sell-Off
- Breaking: Coinbase Nears $2B Deal to Buy Stablecoin Platform BVNK
- Coinbase CLO Fires Back at Senator Murphy Over ‘Corruption Factory’ Claim
- Crypto Prices Rise: Why Are BTC, ETH, LTC, XRP, SHIB, and ADA Up Today?
- Michael Saylor’s Strategy Eyes S&P 500 Spot Amid Bitcoin-Backed Credit Products Launch
- Pepe Coin Price Forms Multi-Year H&S Pattern as Whale Selling Intensifies
- Ethereum Price Forecast: $5K in Sight Post-Fusaka Upgrade
- Chainlink Price Eyes $25 as AllUnity Integrates CCIP for EURAU Expansion
- Sei Price Forecast: Will Robinhood Listing Spark a Rally?
- XRP Price Outlook as ETF Nears Possible November 13 Launch
- Cardano Price Risks 20% Crash Amid Death Cross and Falling ADA ETF Odds
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
