Solana (SOL) price and market cap have skyrocketed in the past 24 hours following the announcement that VanEck submitted an application to the SEC to launch a Solana spot ETF in the United States.
El price of SOL, the native cryptocurrency of the Solana network, has skyrocketed 8,4% this Thursday, June 27, reaching a price of $150 dollars per unit. Likewise, the market capitalization of the decentralized cryptocurrency has risen exponentially, reaching $69.430 billion dollars, according to data consulted on the CoinMarketCap platform.
The main reason behind the bullish rally that SOL is experiencing seems to be the presentation of a New ETF application which was submitted by VanEck to the United States Securities and Exchange Commission (SEC), specifically, for the creation of an exchange-traded fund based on Solana.
Bloomberg ETF expert Eric Balchunas highlighted the presentation by the investment manager, which already has SEC-approved Bitcoin and Ethereum spot ETFs in the country.
According to Balchunas, investors might believe that it would be “impossible” for the federal regulator to give its approval to a SOL spot fund, but he noted that a possible change in the country’s presidency could open new doors for the development of the crypto market. “Imagine Hester Peirce (or someone like that) running the SEC”, said Balchunas.
Solana is trading at $150 dollars
Amid the crypto market corrections, Solana is standing out with a bullish rally of 8,4% in the last 24 hours. According to CoinMarketCap data, the price of SOL has already reached a value of $150,21 dollars this Thursday, after the new VanEck ETF presentation was announced.
The native cryptocurrency of the Solana network is positioned as the fifth most capitalized cryptocurrency in the market, with a valuation of $69.430 billion. Likewise, the trading volume with the cryptocurrency has increased by more than 26% in the last 24 hours, reaching a daily volume of $2.480 billion.
Source: CoinMarketCap
SOL is a commodity, not a security, says VanEck
About the new presentation For the Solana spot ETF, VanEck's head of digital asset research Matthew Sigel explained that he strongly believes that SOL is a commodity and not a security, and which sees the open-source blockchain network as the main competitor to Ethereum, whose spot funds were approved by the federal regulator in April of this year.
“We believe that the native token, SOL, functions in a similar way to other digital products such as Bitcoin and Ethereum”He said. “It is used to pay transaction fees and computational services on the blockchain. Like ether on the Ethereum network, SOL can be traded on digital asset platforms or used in peer-to-peer transactions.”
On the other hand, Sigel explained that Solana is designed to handle a wide range of decentralized applications (DApps), ranging from stablecoins and digital payments, to commerce, Web3 games, the Metaverse and social interactions.
Solana Network's head of digital asset research also highlighted that the blockchain provides access to a unique digital ecosystem “without fragmentation or layer 2,” which is completely decentralized and where The scalability, speed and low costs of the blockchain are perfectly combinedAll of this, according to Sigel, offers network participants a better user experience and unlocks many innovative use cases for blockchain technology.
The investment manager, which has already launched a Bitcoin spot ETF in the US market, and is awaiting SEC approval to begin trading its Ethereum spot ETF, which has also been approved by the regulator, believes that SOL can bring a lot of value to investors looking to diversify their portfolios with cryptoassets and explore new alternatives within the digital economy.
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