The post Solana News: Canary Capital Files for New ETF, What’s Next for SOL Price? appeared first on Coinpedia Fintech News
Amid the growing Solana (SOL) dominance in the web3 space, Canary Capital, an investment management firm founded by Steven McClurg who is one of the founding team of Valkyrie Funds, has filed with the United States Securities and Exchange Commission (SEC) to offer its spot ETF. Filed on Wednesday, October 30, the Canary Solana ETF aims to provide institutional investors with a secure and highly liquid gateway to investing in one of the fast-growing altcoins.
Canary Capital has aggressively doubled down on its focus in the altcoin market despite the low traction registered with the Spot Ether ETFs. Already, the firm has filed for a spot Litecoin (LTC) ETF and spot XRP ETF, which may be approved next year. The firm’s first altcoin offering was the Canary HBAR Trust, which ensures institutional investors have access to the growing Hedera network.
Rising Demand for Solana by Institutional Investors
In the past year, several fund managers have expressed interest in the Solana market through filing for spot ETFs in different jurisdictions. For instance, the Brazilian Securities and Exchange Commission (CVM) has already approved two spot Solana ETFs, which are set to launch in the near term.
In mid-June this year, 3iQ filed for a Solana exchange-traded products (ETP) listing on Canada’s Toronto Stock Exchange. In the United States, VanEck has also filed with the US SEC for a spot Solana ETF.
“Solana’s robust DeFi ecosystem has led to strong sustained on-chain analytics as measured by transactions per day, active addresses, and new addresses while maintaining a low fee environment for all consumers. Future growth in native on-chain stablecoin deployment will also likely further accelerate the commanding lead Solana maintains over its peers,” Canary Capital noted.
Impact on SOL Price Action
Solana price has significantly benefited from mainstream adoption in the past year, compared to its peers. The large-cap altcoin, with a fully diluted valuation of about $102 billion and a daily average traded volume of around $4 billion, has signaled an inevitable bullish breakout akin to Bitcoin to a new all-time high soon.
From a technical analysis standpoint, SOL price must consistently close above the macro falling logarithmic trend and also July’s peak to invalidate potential short-term reversal towards the established support level around $128.