The price of Solana (SOL-USD) is jumping after VanEck filed for a Solana EFT in the US called the VanEck Solana Trust.

Yahoo Finance Reporter Jared Blikre joins Market Domination to break down the latest developments for Solana and the broader crypto market.

For more expert insight and the latest market action, click here to watch this full episode of Market Domination.

This post was written by Nicholas Jacobino

Video Transcript

Cryptocurrency Solana is popping today after US asset manager Van Eck filed for a Solana ETF with the Securities and Exchange Commission.

The spot ETF application is the first for Solana in the US, and Jared Blier is here with the details.

Jared first came the spot Bitcoin ETF S and then the spot Ethereum, ETS or ether.

Uh, those have not come to market.

But now we just got the filing for a salon spot van doing that filing and you can see the results on the price action here.

Solana up 8.5%.

And guess where that news came in?

You can see that big spike right there.

And it wasn't limited to just Solana.

I think this is pretty important because we saw the BIA moth Bitcoin got a bit of a spike in there, not quite as dramatic, but still up at the same time frame.

Then you have ether.

That was also another spike.

And I think that's telling, too, because the Ethereum Network is a competitor to Solana and Cardano, for that matter, when you're looking at smart contracts to be deployed.

So overall, this has been a very bullish development all the spot, Bitcoin and ether.

And now Solana.

It allows the the average investor to take part in some of these investments, especially when you take into consideration the crypto sh So, uh, let me take a look at the longer term technicals.

I'm going to start with Solana here.

Here is a five year chart and this is something I went through the other day.

Uh, we haven't quite come up to eclipse those highs we saw in 2021.

So it's a little bit of a different story from Bitcoin, but we are consolidating.

Maybe putting in a little bit of a handle here.

We'll have to see what comes of it.

But this is a bullish development in the long term.

Technicals for Solana.