Solana SOL/USD Gained Momentum Ahead of the Launch of Its First-Ever Futures Exchange-Traded Fund Products

output: What happened: Solana jumped over 7%, becoming the second-most successful large-cap cryptocurrency over the last 24 hours.

Solana (CRYPTO: SOL) was trading with renewed strength on Wednesday ahead of the launch of its first-ever futures exchange-traded fund products.

What Happened: Solana’s price surged over 7%, making it the second-best performer among major cryptocurrencies in the last 24 hours. The coin’s trading volume also soared by 54% to reach $3.65 billion.

The sixth-largest cryptocurrency outperformed Bitcoin (BTC) and Ethereum (ETH), which gained 3.82% and 5.11%, respectively, over the same period.

The rally came as new ETFs tracking Solana futures are set to debut on Thursday.

Florida-based Volatility Shares LLC will be introducing the Volatility Shares Solana ETF, with the ticker SOLZ, and the Volatility Shares 2X Solana ETF, providing double leveraged exposure, with the ticker SOLT.

“In order to obtain exposure to Solana, the Fund intends to typically enter into cash-settled Solana Futures Contracts,” the registration statement stated. The shares will be listed on the Nasdaq stock exchange.

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It’s worth noting that these products will be different from Solana spot ETF products, for which applications are pending with the SEC from issuers such as Grayscale, Canary Capital, and 21Shares.

Unlike spot ETFs, futures ETFs don’t hold the cryptocurrency directly. Instead, they track its price through regulated futures contracts.

Currently, Bitcoin futures exposure is available through ProShares Bitcoin ETF (BITO) and ARK 21Shares Active Bitcoin Futures Strategy ETF (ARKA).

Solana Price Action: Solana was trading at $133.58, showing a rise of 5.77% in the last 24 hours, according to Benzinga Pro.

For the year so far, the coin had declined by 29%.