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Solana (SOL) has gone up by nearly 19% since the year started as meme coins within its ecosystem have experienced a significant boost.
The approval of a Solana spot and staking exchange-traded fund (ETF) recently could provide the next catalyst required to push SOL above the $200 mark.
According to data from the company’s website, the REX-Osprey SOL + Staking ETF (SSK) has surpassed the $100 million mark in assets under management (AUM) in just 12 trading days.
This investment vehicle provides investors with direct exposure to SOL while it also collects staking rewards that are incorporated into the ETF’s net asset value upon receipt.
“Crossing the $100 million mark in just over two weeks underscores the appetite for innovative, blockchain-native solutions,” commented Greg King, the CEO of REX.
At the time of writing, SSK’s assets under management stand at $137 million. This vehicle opens the door for further institutional adoption of SOL as a financial investment and could contribute to driving the price of the token higher.
SOL Could Hit $300 This Year as Mainstream Adoption Accelerates
Many more Solana ETFs are in the SEC’s pipeline and could be approved before the year ends. As cryptos continue to take over Wall Street, their price should benefit.
Looking at SOL’s latest price action shows that the token found strong selling pressure once it got to $206. Since then, it has been progressively declining and could hit $170 before it raises the necessary liquidity for the next leg up.
The Relative Strength Index (RSI) confirms this bearish outlook in the near term as it has dropped below the 14-day moving average and just stepped out of overbought levels.
However, Solana’s mid-term and long-term prospects are still quite bullish and we could see SOL hitting $300 this year as mainstream adoption increases.
In the meantime, the best crypto presales have kept raising millions as investors look for the next token to 10X. Bitcoin Hyper (HYPER) stands out from the crowd as this project leverages the power of the Solana blockchain to launch the most efficient and reliable Bitcoin L2 to date.
You can invest in this project while its native token, $HYPER, is still available at a discounted presale price.
