- Solana surpassed Bitcoin and Ethereum in gains, marking a strong Q3 start.
- VanEck and 21Shares filed for Solana ETFs, influencing market sentiment.
The crypto market kicked off the first day of Q3 on a positive note, with Bitcoin [BTC] and various altcoins on a bullish trajectory.
Solana in the limelight
Solana [SOL], in particular, stole the spotlight with a remarkable 7.50% increase in the past 24 hours at press time. This surge outpaced both BTC and Ethereum [ETH]. SOL prices rose by 18% over the last seven days as well.
Interestingly, the Solana memecoin market also displayed strong bullish momentum. According to CoinGecko, the market cap of Solana memecoins on the 1st of July stood at $7.73 billion, reflecting a 10.4% increase in the last 24 hours.
Remarking on the same, an X user – Borovik (formerly Twitter) noted,
“Welcome to the Solana cycle.”
Solana ETF in the pipeline
This coincides with recent filings by two asset management firms, VanEck and 21Shares, who both filed to launch a spot Solana ETF last week.
According to reports, on 27th June, VanEck made a significant move by filing for a Spot Solana ETF with the U.S. Securities and Exchange Commission (SEC).
The following day, on 28th June, 21Shares also filed for their own Spot Solana ETF, increasing hope among investors for an upcoming SOL ETF.
Impact on the upcoming US election
This news was met with much appreciation, especially in the context of the upcoming presidential election, with the two candidates having opposing views on crypto.
Former President Donald Trump has been quite vocal about his pro-crypto stance, often expressing his support for the industry. In contrast, President Joe Biden has shown a comparatively anti-crypto viewpoint, with fewer instances of favoring digital currencies.
Remarking on this, Van Buren Capital’s general partner, Scott Johnsson, noted that the news of an upcoming Solana ETF might not be favorable for President Biden’s chances in the election, particularly among undecided or marginal voters. He said,
Source: Scott Johnsson/X
However, not everyone was on the same page, as James Seyffart, ETF analyst at Bloomberg Intelligence, said during an interview conducted before 21Shares became the second Solana applicant.
“I think VanEck’s filing is a sort of call option on the November election.”
He added,
“Under the current SEC administration – based on years of prior approval and denial orders for crypto ETFs – a solana ETF should be denied because there is no federally regulated futures market. But a new admin in the White House and a new SEC admin that’s more amenable to crypto policies could change that calculus.”
SOL’s price action
Despite mixed sentiments, the news about a potential Solana ETF boosted SOL’s price gains into double digits.
Current data trends also indicate that SOL’s future remains promising, supported by Bollinger Bands signaling reduced volatility and sustained bullish sentiment.
Moreover, the RSI above the neutral level and trending upwards further confirmed this trend.
Source: TradingView
- Solana surpassed Bitcoin and Ethereum in gains, marking a strong Q3 start.
- VanEck and 21Shares filed for Solana ETFs, influencing market sentiment.
The crypto market kicked off the first day of Q3 on a positive note, with Bitcoin [BTC] and various altcoins on a bullish trajectory.
Solana in the limelight
Solana [SOL], in particular, stole the spotlight with a remarkable 7.50% increase in the past 24 hours at press time. This surge outpaced both BTC and Ethereum [ETH]. SOL prices rose by 18% over the last seven days as well.
Interestingly, the Solana memecoin market also displayed strong bullish momentum. According to CoinGecko, the market cap of Solana memecoins on the 1st of July stood at $7.73 billion, reflecting a 10.4% increase in the last 24 hours.
Remarking on the same, an X user – Borovik (formerly Twitter) noted,
“Welcome to the Solana cycle.”
Solana ETF in the pipeline
This coincides with recent filings by two asset management firms, VanEck and 21Shares, who both filed to launch a spot Solana ETF last week.
According to reports, on 27th June, VanEck made a significant move by filing for a Spot Solana ETF with the U.S. Securities and Exchange Commission (SEC).
The following day, on 28th June, 21Shares also filed for their own Spot Solana ETF, increasing hope among investors for an upcoming SOL ETF.
Impact on the upcoming US election
This news was met with much appreciation, especially in the context of the upcoming presidential election, with the two candidates having opposing views on crypto.
Former President Donald Trump has been quite vocal about his pro-crypto stance, often expressing his support for the industry. In contrast, President Joe Biden has shown a comparatively anti-crypto viewpoint, with fewer instances of favoring digital currencies.
Remarking on this, Van Buren Capital’s general partner, Scott Johnsson, noted that the news of an upcoming Solana ETF might not be favorable for President Biden’s chances in the election, particularly among undecided or marginal voters. He said,
Source: Scott Johnsson/X
However, not everyone was on the same page, as James Seyffart, ETF analyst at Bloomberg Intelligence, said during an interview conducted before 21Shares became the second Solana applicant.
“I think VanEck’s filing is a sort of call option on the November election.”
He added,
“Under the current SEC administration – based on years of prior approval and denial orders for crypto ETFs – a solana ETF should be denied because there is no federally regulated futures market. But a new admin in the White House and a new SEC admin that’s more amenable to crypto policies could change that calculus.”
SOL’s price action
Despite mixed sentiments, the news about a potential Solana ETF boosted SOL’s price gains into double digits.
Current data trends also indicate that SOL’s future remains promising, supported by Bollinger Bands signaling reduced volatility and sustained bullish sentiment.
Moreover, the RSI above the neutral level and trending upwards further confirmed this trend.
Source: TradingView
clomiphene pill cost generic clomiphene without rx can i order cheap clomiphene without a prescription cost of clomid for men where can i buy generic clomid without prescription where can i get clomiphene tablets clomid pills for sale
The reconditeness in this ruined is exceptional.
More articles like this would remedy the blogosphere richer.
zithromax order online – flagyl pills metronidazole 200mg generic
semaglutide where to buy – order periactin 4 mg pill buy cyproheptadine 4mg sale
motilium over the counter – order tetracycline 500mg flexeril usa
purchase amoxil – buy ipratropium 100mcg without prescription purchase combivent
zithromax buy online – oral bystolic 5mg generic nebivolol 5mg
augmentin 375mg cost – atbioinfo buy generic acillin
buy esomeprazole 40mg – anexamate order nexium
coumadin without prescription – https://coumamide.com/ cozaar 50mg brand
order mobic 15mg generic – swelling mobic canada
prednisone 20mg canada – https://apreplson.com/ order deltasone 20mg online cheap
buy pills for erectile dysfunction – https://fastedtotake.com/ mens ed pills
buy amoxicillin medication – comba moxi buy amoxil no prescription
forcan usa – this buy diflucan 200mg without prescription
buy cenforce pills for sale – https://cenforcers.com/# purchase cenforce generic
buy cialis generic online 10 mg – ciltad generic how long does it take cialis to start working
erectile dysfunction tadalafil – https://strongtadafl.com/# cheap canadian cialis
brand ranitidine 150mg – ranitidine order online zantac 150mg without prescription
sildenafil 50 mg tablet – site buy 50 mg viagra online
More posts like this would add up to the online space more useful. https://gnolvade.com/
More text pieces like this would insinuate the интернет better. buy accutane online australia
The thoroughness in this section is noteworthy. https://ursxdol.com/get-metformin-pills/
The sagacity in this ruined is exceptional. https://prohnrg.com/product/metoprolol-25-mg-tablets/
More posts like this would create the online play more useful. medicament pour maigrir xenical
The vividness in this serving is exceptional. https://ondactone.com/simvastatin/
More content pieces like this would create the web better.
https://doxycyclinege.com/pro/metoclopramide/
This is the make of enter I find helpful. http://3ak.cn/home.php?mod=space&uid=229264
generic forxiga 10mg – site purchase forxiga for sale
More posts like this would create the online space more useful. http://pokemonforever.com/User-Gmovwq