The price of Solana (SOL) sharply increased by 14% due to optimism surrounding a potential ETF approval. This price surge occurred against a backdrop of growing institutional interest and a slight dip in trading volume.
Scaramucci Sparks the Fire
The rally was sparked by a tweet from Anthony Scaramucci, founder of SkyBridge Capital, who hinted at the imminent approval of a Solana ETF. His post ignited a wave of speculation, especially as he mentioned the possibility of the ETF incorporating staking rewards, which could be a significant advantage for Solana.
Rising Institutional Interest
The excitement around a SOL ETF isn’t limited to retail traders. Institutional momentum is building, further bolstered by Rex Shares’ recent filing for a Solana ETF that includes staking capabilities. This demonstrates growing confidence in the long-term viability of Solana.
Closer to an ETF Reality
Several official Solana ETF applications are currently under review by the SEC. Optimism about approval is increasing, and if it occurs, Solana will join the ranks of Bitcoin and Ethereum, both of which already have ETF products in the USA.
With strong technical momentum and increasing institutional support, Solana seems poised for further gains, possibly marking the beginning of a larger upward trend.
