Canary Capital Files for New ETF, What’s Next for SOL Pricing?
As Solana's (SOL) dominance in the Web3 space grew, Canary Capital, an investment management firm founded by Steven McClurg, one of the founding team of Valkyrie Fund, filed to file with the United States Securities and Exchange Commission (SEC). The Spot ETF Listed on Wednesday, October 30, the Canary Solana ETF aims to provide institutional investors with a safe and highly liquid gateway to investing in one of the fastest growing altcoins.
Canary Capital has redoubled its focus on the altcoin market despite low traction in the SpotEther ETF. Already, the firm has proposed a spot Litecoin (LTC) ETF and a spot XRP ETF that could be approved next year. The firm's first altcoin offering was the Canary HBAR Trust, which ensured institutional investors had access to the growing Hedera network.
Increasing interest in Solana by institutional investors
Over the past year, several fund managers have shown interest in the Solana market by registering ETFs in various jurisdictions. For example, Brazil's Securities and Exchange Commission (CVM) has already approved two spot Solana ETFs, which will be launched in the near future.
In mid-June this year, 3iQ filed for Solana Exchange Traded Products (ETP) on Canada's Toronto Stock Exchange. In the United States, VanEyck has filed with the US SEC for the Solana ETF position.
“Solana's robust Diffie ecosystem has enabled robust on-chain analytics measured by intra-day transactions, active addresses and new addresses while maintaining a low-fee environment for all consumers. Continued growth and on-chain stablecoin deployment will further accelerate Solana's command over its peers,” Canary Capital said.
Impact on SOL price action
Solana's pricing has benefited significantly from mainstream adoption over the past year compared to its peers. The large-cap altcoin, with a fully minted value of around $102 billion and an average daily trading volume of around $4 billion, has recently hit new highs in an inevitable bullish crash similar to Bitcoin.
From a technical analysis point of view, SOL price should close above the logarithmic trend of the macro downtrend and the July high to mitigate the possibility of a short-term reversal around $128.
