Solana Aims for New Heights as ETF Approvals Loom
Solana’s price is soaring, reaching $255 this week—a significant milestone not seen as January. With a 163% increase since April, it’s clear that Solana is on a powerful upward trajectory.
The main driver behind this surge? Anticipation around the SEC’s upcoming ETF decisions. Several spot Solana ETFs are approaching their deadlines, with Grayscale’s Trust set for approval by October 10. Other funds face a similar deadline on October 16. Market sentiment and Polymarket data suggest growing optimism about these approvals.
If approved,these ETFs could attract substantial investment. For instance, a newly introduced Solana staking ETF has already gathered over $289 million. This influx underscores investors’ growing interest in cryptocurrencies as sound alternative assets.
Additionally,Solana is gearing up for the Alpenglow upgrade. This update promises faster transaction processing—boasting up to 107,000 transactions per second—and a shift to proof-of-stake from the current proof-of-authority model. These enhancements aim to bolster network efficiency.
- Higher throughput and reduced finality times from 12 seconds to 100-150 milliseconds.
- Leading role in blockchain activities with over 1.9 billion transactions in the last 30 days.
Moreover, Solana is expanding its influence across various sectors. It’s now competing with big players like Nasdaq in daily trade settlement. Companies are also creating SOL treasuries, contributing over $3 billion in holdings, with an estimated 8% annual return from staking.
technically, the SOL price chart looks promising. It remains above all moving averages,with increasing Average True range,signaling growing momentum.Indicators like RSI and MACD point to continued advancement toward the $300 all-time high.
