Solana is grabbing headlines again. The price of SOL jumped 7% today, pushing past $151. This rally brought its market cap to more than $80 billion. The strong upward move came even as trading volume dropped slightly in the past 24 hours.
Scaramucci Sparks ETF Hype as SOL Surges on Staking Speculation
The rise in SOL price follows optimism surrounding the approval of a Solana exchange-traded fund (ETF). A tweet by Anthony Scaramucci, founder of SkyBridge Capital hinted that the approval could be coming soon.
Scaramucci also mentioned that staking rewards might be included in this potential ETF. His short message sparked immediate speculation across the crypto community.
Investors reacted fast, pushing the coin’s price higher. Solana price had hovered around $140 earlier but quickly gained momentum.
Traders see the possible ETF as a major step toward more mainstream adoption for the cryptocurrency. If approved, a Solana ETF would join Bitcoin and Ethereum, which already have ETF products in the US.
The mention of staking is especially important for SOL supporters. Staking allows token holders to earn rewards by helping secure the network. Including staking in an ETF could bring passive income opportunities to traditional investors.
Solana Gains Institutional Traction
This is a unique feature that sets Solana apart from other blockchain assets and may attract a new wave of buyers. Market watchers believe these developments show growing institutional interest in Solana.
Rex Shares recently filed for a Solana ETF with staking. The move further shows that industry players believe in the network’s strong growth potential.
The blockchain is known for its high speed and low fees, which make it attractive for developers and investors alike. With over 534 million SOL tokens in circulation, the ecosystem continues to expand despite past market downturns.
As of now, several official Solana ETF applications have been filed with the US SEC. The price chart shows strong upward momentum, with SOL breaking several resistance levels throughout the day.
More investors are looking for projects with real utility and strong community backing and Solana is one of such projects. Many believe that an ETF could push Solana even closer to Ethereum in terms of popularity and market reach.
Reports now suggest Solana is even outshining XRP in the race for a spot ETF, with XRP’s approval odds dropping to 75%. This shift highlights Solana’s rising strength in the eyes of regulators and big investors.
Paul
Paul Adedoyin is a crypto journalist with 4+ years experience who provides timely news, in-depth research, and insightful content to inform and empower his audience. His works have been featured on sites such as CryptoMode, CryptoNewsFlash among others.
He holds a degree in Geophysics from OAU, Nigeria. When he’s not writing, he loves watching soccer and reading educative journals.
He can be reached via [email protected]
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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