Ethereum
Solana (SOL) Soars 800%, Surpassing BTC and ETH in Yearly Gains
Tomiwabold Olajide
Solana saw its biggest rise of the month on Thursday after fund manager VanEck filed for an ETF
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In a stunning display of growth, Solana (SOL) has grown an incredible 800% over the past year, outperforming major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH). According to CoinGecko data, Solana is currently up 803% since last year.
SOL/USD daily chart, courtesy of: TradingView
Ethereum has overtaken Bitcoin during this period as final approvals for funds focused on the token are near. Notably, ETH is up 51% year-to-date, outpacing Bitcoin’s 45% increase.
Bitcoin’s performance is starting to show eclipse by Ethereum and Solana tokens, as interest in U.S. cryptocurrency exchange-traded funds shifts toward the two crypto assets. Bitcoin stole the show with an impressive surge in early 2024 after the first U.S. spot ETFs for the largest digital asset went live in January.
Optimism over the ETF propelled Bitcoin to a record high of $73,798 in March, but demand and prices have since cooled.
Solana climbs on ETF optimism
Solana recently saw its biggest gain in nearly a month when VanEck, an exchange-traded fund provider, filed for a cryptocurrency-based product.
Following the submission of documentation to the Securities and Exchange Commission (SEC), the SOL token rose as much as 11%, the highest level since late May.
VanEck, one of the first to launch Bitcoin exchange-traded funds (ETFs) in the United States, filed for a new Solana ETF on Thursday. The new fund, called the VanEck Solana Trust, will be the first Solana ETF to be filed in the United States.
VanEck’s Solana ETF filing comes weeks after the SEC approved the launch of Ether (ETH) spot ETFs in the United States on May 23, 2024.
At the time of writing, SOL was up 4.92% over the past 24 hours to $145.69 and ranks as the fifth largest cryptocurrency by market capitalization, according to data from CoinGecko.
About the Author
Tomiwabold Olajide
Tomiwabold is an experienced cryptocurrency analyst and technical analyst. It pays special attention to researching cryptocurrencies, conducting comprehensive price analyzes and trading forecasts on estimated market trends. Tomiwabold graduated from the University of Lagos.