Why Solana Is Surging Today
There's no obvious reason behind Solana's weekend move.
The U.S. House of Representatives voted in favor of several important crypto bills last week.
Institutional interest around Solana appears to be growing.
10 stocks we like better than Solana ›
Since Friday afternoon at 4 p.m., the price of Solana (CRYPTO: SOL) had surged nearly 10%, as of 11:09 a.m. ET today. While there's not an exact reason for the move, a few events could be driving it.
Institutional interest picking up
Last week, the U.S. House of Representatives voted in favor of three crypto bills that investors view as bullish for the entire sector, two of which would create a framework for stablecoins and digital assets. President Donald Trump recently signed the Genius Act (the one for stablecoins) into law because both the House and Senate approved the bill.
But it's also become clear that institutional interest in Solana is picking up. According to CoinShares' digital fund flows data, more than $39 million flowed into Solana-linked financial products last week. CoinShares also estimates that year-to-date inflows total $245 million.
Furthermore, there have now reportedly been seven applications for a Solana spot exchange-traded fund (ETF). Crypto spot ETFs increase liquidity for tokens and have previously proven to be bullish. There are already extremely high odds that the Securities and Exchange Commission (SEC) will eventually approve a spot-Solana ETF before the year ends.
A token to watch
Solana is one of the few cryptocurrencies with immense potential. The technical strength of its network allows it to, in theory, process tens of thousands of transactions per second. But it's still hard to translate this capability into a price target. For this reason, I'd recommend keeping positions smaller and more speculative right now.
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Bram Berkowitz has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Solana. The Motley Fool has a disclosure policy.
Why Solana Is Surging Today was originally published by The Motley Fool
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