Australian Crypto Asset Manager Canary Capital Stuns the Cryptosphere With a Filing for a Solana (SOL) Based Exchange-traded Fund (ETF) Product

With this move, Canary Capital joins the race between other heavyweight digital asset management companies like VanEck and 21 Shares

Australian crypto asset manager Canary Capital has filed with the U.S. Securities and Exchange Commission (SEC) to launch a Solana (CRYPTO: SOL) exchange-traded fund (ETF).

The S-1 Form registration landed on the SEC’s table in Washington on Oct. 30, 2024. This move sees Canary join the race with other heavyweight digital asset management companies.

VanEck and 21 Shares filed for similar Solana ETF products in late June 2024. This comes as Solana continues to be among the strongest performers in the altcoin section, yielding 377% yearly.

Meanwhile, this marks the third installment of crypto ETF applications from Canary. The company is also pursuing a Litecoin (CRYPTO: LTC) ETF and XRP (CRYPTO: XRP) ETF, both filed for in October 2024.

The Solana ETF would assign a traditional brokerage account to the investors, tracking Solana’s price via the Chicago Mercantile Exchange CF Solana index.

“Despite the hyper competitive L1 and EVm landscape, Solana has emerged as a battle-tested frontrunner for decentralized applications,” Canary嘆s statement reads.

Highlighting the SOL DeFi ecosystem as a great example of a strong and sustained blockchain, the application also states that Solana maintains a “commanding lead over its peers” with a “low fee environment.”

SOL on Track to Restore $250?The #5 ranked flagship altcoin Solana has shined immensely in 2024. It broke multi-year records in March, when SOL scorched past $200 twice.

Similar attempts to conquer the slightly lower $180 resistance barrier were made in July, while the 12% growth during “Uptober” has led to the altcoin retesting these levels.

According to technical analysis by Bit Amberly, Solana’s latest price movement is forming an ascending triangle pattern on the two-day chart.

Currently trading at $174.59, this is still $20 below the $195 resistance area, which is required to break out of this technical construction.

In the case of a SOL price breakout, the $250 zone is drawn as “the moon” in the crypto trader’s analysis. The current all-time peak is $259.96.

Scored over three years ago, Solana enjoyed a smaller market capitalization at the time, which showcases the exponential growth.

With a market cap of $82,138,716,008, Solana’s Layer-1 chain is home to several blue-chip meme coins and highly popular decentralized exchanges (DEXs) like Jupiter, Meteora, and Orca.

Aside from crypto aficionados finding utility in Solana, the chain remains a sweetheart of institutional investors, netting $10.8 million in inflows last week.

Assets under management are only trailing behind Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH), now sitting at $1.6 billion.