Solana Price Slumps as ETF Launch Fails to Spark Momentum

Solana’s price dropped by 3.1% to close at $137.07, lagging behind the broader crypto market’s 4.48% decline. This slump coincided with a significant sell-off in the cryptocurrency market, resulting in $47 million in SOL long and short liquidations within 24 hours. The VanEck Solana ETF launch, while launched on November 17th, failed to attract substantial institutional interest. The newly formed ETF struggled to gain traction despite offering high staking rewards of only 5.8% APY. This underwhelming response contributed to a significant decline in SOL’s market share compared to Bitcoin ETFs, with its total holdings standing at just $58 million.