According to a new report by Glassnode, the ETF for Solana (SOL) is gaining attention beyond excitement. According to the report, Glassnode highlighted capital movements in the Solana asset. Since the cycle bottom in November 2022, SOL has traded both Bitcoin (BTC) $94,806.6 as well as Ethereum (ETH) 
$3,264.5 exceeded its performance.
Solana’s Rise Is Not Over Yet
Following the collapse of the FTX Derivatives Exchange, the SOL price fell below $9 but bounced back with more than 20x growth. The analytics firm noted that in the last 727 trading days, SOL outperformed BTC and ETH for 344 days. This shows that there has been a fairly high demand for the coin since the FTX collapse.
Beyond price movements, SOL also surpassed Ethereum as a leading ecosystem for developers, rounding out the overall boom.
Glassnode stated that the last two years have been remarkable for Solana, with the price increasing by 2,143%.
Solana (SOL) Future
One of the key factors driving the SOL price this year has been the explosion of memecoins. Alongside these products focusing on the individual side of the market, asset managers are now working on the SOL ETF product for institutional investors.
Canary Capital, Bitwise and 21Shares are among the leading companies in the search for the Solana ETF. In particular, it is believed that this product will be approved under the Donald Trump administration. The presidential candidate has nominated crypto supporter Paul Atkins as the next US SEC Chairman.
Along with Atkins and various industry lobbying groups, more crypto ETFs following Solana are expected to launch soon. If successful, previous price analyzes predict that the price of SOL could rise up to $400.
Glassnode explained that this growth is forcing capital flows into the asset class. In terms of growth, SOL has outgrown BTC and ETH in this metric over 389/727 trading days. Overall, the Proof-of-Stake (PoS) network saw a net liquidity increase of $55 billion for the price increase.
Glassnode stated that SOL has maintained its positive flow since at least September and that there is potential for further growth despite the SOL price falling to $175.9.
Solana’s performance and the increase in capital flows strengthen its future growth prospects. If institutional investments increase and ETFs are approved, SOL’s market position is expected to further consolidate.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
