NEW YORK / LONDON (IT BOLTWISE) – The launch of Solana ETFs did not bring the expected price jump. Despite the launch of two new Solana ETFs, the price of the cryptocurrency remains below $200. Analysts had previously forecast a rise to as much as $600, but market conditions and current investor reluctance have dampened those expectations.
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The launch of Solana ETFs has been seen by many market observers as a potential catalyst for a significant price increase for the SOL cryptocurrency. Expectations were high as similar products for Bitcoin and Ethereum had resulted in significant price gains in the past. However, despite the launch of two new Solana ETFs this week, the cryptocurrency’s price remains below the $200 mark.
Grayscale Investments and Bitwise recently launched their Solana ETFs. The Grayscale Solana Spot ETF (GSOL) and the Bitwise Solana Staking ETF (BSOL) were launched with much advance praise. The BSOL started with an impressive volume of $222 million and recorded a trading volume of $72 million on the second trading day. Nevertheless, the hoped-for price increase did not materialize.
Before the ETFs were introduced, analysts had forecast a price increase of up to $600. However, the uncertainties surrounding the US government and the general market situation led to investor reluctance. A massive sell-off on October 10th pushed SOL’s price down to $147 on some platforms. These events have dampened expectations and show that the cryptocurrency market continues to be characterized by high volatility.
Another factor slowing the price rise of SOL is the behavior of institutional investors. Many of them prefer to minimize risks before important events such as the FOMC meeting. This caution could result in expected capital inflows into the Solana ETFs being slower than expected. However, analysts do not see this as a cause for concern, but rather see it as typical behavior in times of high uncertainty.
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