Solana Experiences Market Recovery Amid ETF Filing and Layer-2 Solution Launch

March 13, 2025, 23:42 GMT+3
By Liza Chaikina, Editor at Cryptonews.ru

Introduction to Recent Developments

The cryptocurrency market continues to navigate challenging waters, but recent developments surrounding Solana (SOL) have sparked a glimmer of optimism among investors. As of the latest updates, Solana has seen a slight uptick of 0.3%, trading at approximately $125.94. This price movement comes as the market works to recover from previous losses and as significant financial players make strategic moves in the sector.

ETF Application Filing

A noteworthy event that could influence Solana’s market performance is the recent application filed by the Chicago Board Options Exchange (BZX) on behalf of Franklin Templeton, seeking to list an Exchange-Traded Fund (ETF) linked to Solana. This application initiates a review process by the Securities and Exchange Commission (SEC), which may either propose adjustments or move towards approval.

While the SEC recently postponed decisions regarding various altcoin-related ETF applications—including those related to popular cryptocurrencies like Dogecoin (DOGE), XRP, and Litecoin (LTC)—analysts and market participants are hopeful that many of these requests could gain regulatory approval before the end of the year.

The successful launch of a Solana-linked ETF is anticipated to attract significant liquidity to the token, which is a notable competitor to Ethereum. However, timing remains critical, particularly given the recent downturn in overall market sentiment.

Solana’s Market Performance

Despite the recent market uptick, Solana’s performance over the past week has been less than stellar. SOL has dropped by 16.6% within the last seven days and is down by 33.3% year-to-date, a statistic that makes it one of the poorest-performing cryptocurrencies among the top five, second only to Ethereum, which is down 43% over the same period.

Trading volume for Solana has also decreased by 17.9%, falling to $3.6 billion, a sign of decreased volatility within the market. On a daily chart, Solana has found temporary support at the $110 level after experiencing significant sell-offs last week.

Indicators and Future Expectations

Current momentum indicators are showing signs of improvement, although they have yet to confirm a definitive buy signal. The MACD histogram suggests that negative momentum has slowed down over the last few days. For SOL to regain its strength, it must break through the $134 resistance level, which was previously seen as a support level. A decisive move above this threshold could potentially propel SOL towards $180, especially if bullish momentum gathers.

The anticipated approval of the first altcoin ETF—unrelated to Ethereum—could act as a crucial catalyst for this price movement.

Launch of Solaxy Layer-2 Solution

In other significant news, attention is turning towards Solaxy (SOLX), a layer-2 solution designed to address Solana’s network congestion issues. Earlier this year, the Solana blockchain experienced notable overload stemming from the launch of tokens like $TRUMP and $MELANIA, which hindered the network’s transaction processing capabilities amidst sudden spikes in trading volume.

Solaxy has successfully raised over $26 million in funding for the deployment of its Solana rollup, offering a solution that processes transactions parallel to the main network, thereby alleviating the load on the primary blockchain. Developers are making progress with resource migration to Solana DevNet, with the support of Hyperlane, paving the way for seamless integration of this solution.

To finance its development, Solaxy is currently conducting a pre-sale event, attracting significant investor capital through the sale of its utility token, $SOLX. The token is currently valued at $0.001662, presenting a favorable opportunity for early adopters, as demand is expected to surge following the official launch of the layer-2 protocol.

Conclusion

For those interested in acquiring $SOLX, you can visit the official Solaxy website to connect your wallet (such as Best Wallet) and explore purchase options. Whether through direct exchange of SOL, USDT, or ETH, or by using a credit card, the opportunity remains accessible for those looking to invest in this emerging solution aimed at enhancing the Solana network.

As the market continues to evolve, both the potential ETF listing and the launch of innovative solutions could play pivotal roles in shaping the future trajectory of Solana and its community.