When the Bitcoin ETF was approved on January 10th, it was known that the market would never be the same again. Following that process, with the entries provided by institutional investors, the BTC price and volume reached its ATH within only 3 months but then pulled back. After this process, another development occurred on May 23rd, and this time the first approval for ETH ETFs was granted, moving to the approval stage of the S-1 forms. Recently, another historic news hit the market like a bombshell, and it was neither about Bitcoin nor Ethereum.

Solana ETF Application Submitted

There were big rumors about which ETF would be the next to step into the market. It was stated that XRP and Solana would be in a big struggle during this process, but it was seen that SOL was kept in the forefront by the leading names in the market.

A news that emerged recently confirmed this. One of the important ETF analysts in the market, James Seyffart, who was frequently mentioned during the Bitcoin and Ethereum ETF periods, made a historic announcement on X.
 

According to the announcement, an application for a Solana ETF has been made in Canada. The announcement was as follows:

3iQ has applied to launch the first Solana ETF in Canada (and thus in North America). It is intended to be launched under the QSOL label. Canada had spot Bitcoin and spot Ethereum ETFs before the US had futures ETFs for both assets. h/t @alextapscott

What is Solana’s Price?

After the news, eyes turned to the Solana price. Solana’s price had been falling for days. The price had risen above $200 in recent months, but today it has fallen to $133 after a 1.5% drop in the last 24 hours.

Meanwhile, the market cap remained above $61 billion, while the trading volume increased slightly by just under 1%, reaching $2.41 billion. The news has not yet had an impact on the market, and it remains to be seen what results it might bring in the coming days.

Considering that Solana rose from $8 at the beginning of 2023 to over $200, it can be thought that the price might be in for significant volatility.