Solana Rises 16% in 7 Days, Outpacing Bitcoin and Ethereum on ETF Demand Dynamics — Will More Demands Follow? – Emeren Group (NYSE:SOL)

Solana SOL/USD is rising amid fresh demand for the first-ever exchange-traded funds that track the coin’s spot price in the United States.

What happened: The fifth-largest digital asset by market cap soared 6.4% in the past 24 hours, outpacing gains from Bitcoin BTC/USD and Ethereum ETH/USD.

Solana’s trading volume jumped 50% to $1.68 billion, becoming the third most traded cryptocurrency, excluding stablecoins, in the past 24 hours.

See also: ‘Rich Dad, Poor Dad’ Author Robert Kiyosaki Questions Authenticity of Bitcoin ETFs: ‘ETFs Are Fake Gold, Silver or Bitcoin’

Solana’s weekly gains increased to 16.59%, one of the strongest among large-cap cryptocurrencies.

Why is this important: The latest bullish impulse was provided by spot ETF demand for Solana.

After VanEck started the race last week by becoming the first asset manager to file an application for this type of investment in the United States, 21Shares followed suit with his candidacy with the SEC.

Spot cryptocurrency ETFs in the United States have seen widespread success, with Bitcoin BTC/USD saw a 36% price increase after its funds began trading in early January.

Ethereum ETH/USD is also a few days before listing on the American stock exchangespending SEC approval.

Price action:At the time of writing, SOL was trading at $147.55, up 6.4% in the last 24 hours, according to Benzinga Pro data

Read more : SEC Files Lawsuit Against Consensys for Unregistered Brokerage Activities

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