Why Solana Trading Volume Skyrocketed 113% Today: ETF Approval Confirmed?

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.