The price of %Solana (CRYPTTO: $SOL) continues to steadily rise as hopes grow that regulators will clear a path for spot exchange-traded funds (ETFs) of the cryptocurrency to begin trading in the U.S.
Solana’s price has risen 34% in the last month to trade at $180 U.S. per digital token. Over the past 12 months, the cryptocurrency’s price has gained 600%.
The march higher is being fueled by expectations among crypto enthusiasts for a possible spot ETF product in the coming year.
Spot %Bitcoin (CRYPTO: $BTC) ETFs began trading in the U.S. in January of this year, and spot %Ethereum (CRYPTO: $ETH) ETFs are expected to start trading in America as soon as this week (July 22).
Investors are betting that a Solana ETF will be the next domino to fall.
Additionally, the price of Solana is being supported by robust trading activity on Solana-based applications.
Data tracked by DefiLlama shows that the Solana network has made at least $1.5 million U.S. each day since June while netting over $2 billion U.S. in on-chain trading volumes per day.
Solana is popular for the speed of its transactions and low fees. It is also the third largest cryptocurrency by market capitalization after Bitcoin and Ethereum, making it a logical choice for the next spot ETF.
Some asset managers such as VanEck have already made preliminary inquiries about a spot Solana ETF with the U.S. Securities and Exchange Commission (SEC), Wall Street’s regulator.
