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Canada is now the first country to launch a Solana spot ETF with staking. The Ontario Securities Commission (OSC) has approved four asset managers to offer the new spot Solana: Purpose, Evolve, CI, and 3iQ.
Read on to discover how this development could affect the larger crypto market. We’ll also talk about the Solaxy presale and how it’s at the center of Solana’s potential rise.
ETF Race Heats Up
The SEC approved a Bitcoin-pegged ETF in the US back in January 2024. However, it’s still mulling over a staking-enabled ETF, and Grayscale’s proposal to introduce staking in its spot ETH ETFs is on hold.
Canada has always been a step ahead of the US in this aspect. For instance, it launched its first Bitcoin ETF back in 2021.
A lot of this development can be credited to the pro-crypto Trump administration. The president’s open support for crypto, backed by increasingly relaxed legislation, promises to propel crypto to new heights.
The global ETF race is now heating up, with multiple applications pending with regulators.
For example, the SEC is sitting on multiple applications for ETFs backed by different cryptocurrencies, such as Litecoin, XRP, Solana, and more. Hong Kong and Australia have also also launched their own crypto ETFs.
Solana’s Price Showing Strength
Besides the ETF buzz, Solana has also shown some technical strength over the last month.
$SOL gained over 30% last week and is now trading at $133. Although still far from the $300 mark, a positive mini-rally has investors hopeful.
The growing strength of $SOL over $ETH shows that it may outperform the latter in the coming weeks, which is exactly what the OSC thinks.
BitBull, a popular crypto trader, compared the current $SOL setup with $ETH in 2021.
- Ethereum was trading around $1,600 in March 2021 and formed the same pattern as Solana has formed now.
- Post this, $ETH made a new high of around $4,500 in just 3 months. $SOL may follow a similar path, which means the $300 level may not take long.
What’s Stopping Solana?
Solana’s potential to rise to the ranks of $ETH and $BTC is undeniable. However, so far, it’s been unable to realize its true potential due to the network’s scalability issues.
For context, Solana has always been perceived as the meme coin blockchain, thanks to its lightning-fast speeds and low costs.
However, this changed after the launch of $TRUMP and $MELANIA. These two hyper-successful meme coins brought loads of new investors onto the Solana blockchain.
In other words, Solana is in dire need of improved scalability. This is where a new cryptocurrency, Solaxy ($SOLX), comes in.
Solaxy Promises to Breathe New Life Into Solana
Don’t mistake Solaxy for just another meme coin on Solana. It’s a revolutionary token designed specially to solve Solana’s network congestion. It’s a meme coin with real utility.
By building Solana’s first-ever Layer 2 scaling protocol, $SOLX will be Solana’s new support system.
It will batch-process many of Solana’s total transaction requests on a sidechain, significantly reducing the burden on Solana’s mainnet.
This will enhance throughput and ultimately crank up Solana’s scalability and speed back to, or even beyond, the levels it was always renowned for.
It’s also worth noting that $SOLX, Solaxy’s native cryptocurrency, comes with multi-chain compatibility. It combine the benefits of Ethereum and Solana, merging the former’s vast liquidity pool with the latter’s speed and low fees to rejuvenate the home of the meme coins.
$SOLX Could Be the Next Crypto to Explode
Solaxy‘s one-of-a-kind mission has been all the talk. The crypto went into presale just a few months ago and has already surpassed $30M in funding, making it easily one of the best crypto presales on the market right now.
Moreover, Solaxy’s large presale purse comprises both retail crypto investors and large whale buyers alike, which shows market-wide interest in the project.
The best part, however, is that you can still buy $SOLX at a very low presale price of just $0.001694 per token.
Additionally, we predict $SOLX could reach $0.2 by 2030 – a markup of over 11,800% in less than five years. No wonder it’s primed to be the next crypto to explode.
To help you with the purchase process, here’s a guide on how to buy Solaxy.
Last, we’d like our readers to remember that the crypto market guarantees no returns. Invest carefully and do your own research. Our articles are not financial advice.
