Solana surpasses Bitcoin, Ethereum and XRP in terms of growth dynamics

Solana SOL $132.85 Binance-Peg SOL 4.12% Market capitalization $0.15 billion VOL. 24 hours $0.69 billion is showing growth amid a general lull in the cryptocurrency market. The virtual coin has outperformed such heavyweights as Bitcoin BTC $84,563.72 Bitcoin -0.35% Market capitalization $1.68 trillion VOL. 24 hours $1.39 billion , Ethereum ETH $1,580.17 Bridged Ether (StarkGate) -0.34% Market capitalization $0.14 billion VOL. 24 hours $0.85 billion , and XRP XRP $2.07 XRP -1.30% Market capitalization $120.71 billion VOL. 24 hours $0.25 billion . Over the past day, the price of SOL has risen by almost 3% to $ 129.81, which occurred amid a significant increase in trading volumes — by 32.76% to $ 4.37 billion. This jump is primarily attributed to the launch of the new Solana Staking ETF on the Toronto Stock Exchange, which immediately attracted large investors.

The new exchange-traded fund, created by 3iQ with the support of SkyBridge Capital (managed by Anthony Scaramucci), gives investors the opportunity to profit not only from changes in the price of the token but also by rewarding staking. This allows you to passively earn from owning an asset, which increases interest in SOL among institutional players.

Particularly noteworthy is the participation of Ark Invest, an investment company headed by Katie Wood, which has purchased 500,000 shares of the new ETF. Ark has long shown interest in cryptocurrencies, including Bitcoin, Ethereum, and Solana. Their move is seen as a strong signal of confidence in SOL’s potential, even though the asset’s price has dropped by 30% over the year.

While the Canadian ETF has been launched, similar funds for Solana have not yet been approved by the US regulator. Nevertheless, major players such as VanEck, Bitwise, and Grayscale have already applied to create the respective instruments. Currently, Grayscale manages funds based on Bitcoin and Ethereum, and the emergence of SOL-ETF in the United States could be another catalyst for the growth of the asset’s value.

The demand for SOL is also confirmed by Coinglass analytics: more than half of Binance traders keep open positions with the expectation of an exchange rate increase. Taken together, these factors indicate growing institutional interest in Solana and the strengthening of its position as one of the leading digital assets on the market.