Solana Futures ETFs Debut Today – Could Institutional Investment Push SOL to $1,000?
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Solana (SOL) is in the spotlight as futures ETF products tracking the price of SOL are poised to go live today.
According to a filing lodged with the United States Securities and Exchange Commission (SEC), Volatility Shares will launch two Solana futures ETF products.
These include the Volatility Shares Solana ETF (SOLZ) and Volatility Shares 2X Solana ETF (SOLT).
A major tailwind for these assets is their potential to usher in institutional capital, one that may push the price of SOL higher.
What’s the Potential for Solana’s Price to Skyrocket?
SOL is arguably one of the most watched digital currencies in the market after Bitcoin, Ethereum, and XRP.
Its price performance, which has seen it jump by over 15,620% since its launch, has kept it on many investors’ radars.
At the time of writing, the price of Solana has jumped by 3.34% in 24 hours to trade at $130.82.
The coin has pared off the losses in the past week, even though the Year-to-Date (YTD) rally remains down 32.53%.
Source: TradingView
Prospects surrounding the Solana Futures ETF is enormous as it may boost institutional exposure to the coin.
If this product comes with the projected demand, it may help cushion the shortfall in the Solana memecoin ecosystem.
With the SOL ETF priced in when VanEck predicted a $520 target for the coin this year, Volatility Shares’ futures offering helps set the path for this.
Meanwhile, onchain data shows Solana is not out of the woods yet with Relative Strength Index (RSI) on the SOL/USD 1D Chart flashing 43.51.
Bearish sentiment persists, especially when the 55% drop from its ATH of $294.33 is considered.
The projections for Solana to $1,000 remain far-fetched in the short term despite the bullish fundamentals surrounding it.
The previous ATH, as indicated by the red arrow, remains the mid-term target for SOL.
Solana in the Spotlight with Solaxy Leading the Way
While Solana is known for its potential, Solaxy, a project hosted on the blockchain, seems like a promising prodigy to watch.
As a Layer-2 project on Solana, Solaxy aims to redefine the concept of blockchain scalability in Web3.
Solaxy is designed to tackle Solana’s key challenges, including network congestion, failed transactions, and scalability limitations, with its streamlined technology and user-friendly interface.
Powered by SOLX, the protocol enhances Solana’s meme ecosystem while offering new utilities and interoperability with Ethereum and BNB Chain.
Investors are taking notice, with $27 million already raised in its presale, reflecting strong community adoption.
With discounted prices and a 150% staking reward, Solaxy could be the next major player to emerge from the Solana ecosystem.
To buy SOLX, investors can visit the Solaxy website, connect their wallets (such as Best Wallet), and purchase using SOL, USDC, or a bank card before the presale ends.
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