Solana (CRYPTO: SOL) is on the ascendancy amid fresh applications for the first-ever exchange-traded funds tracking the coin’s spot price in the U.S.

What Happened: The fifth-largest digital asset by market cap spiked 6.4% in the last 24 hours, exceeding the gains of Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH). 

Solana’s trading volume jumped 50% to $1.68 billion, becoming the third-most traded cryptocurrency, excluding stablecoins, in the last 24 hours.

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Solana’s weekly gains increased to 16.59%, one of the strongest among large-cap cryptocurrencies. 

Why It Matters: The latest bullish impetus has been provided by applications for spot ETFs for Solana. 

After VanEck kicked off the race last week by becoming the first asset manager to file for such an investment avenue in the U.S., 21Shares followed suit with its application with the SEC.

Spot cryptocurrency ETFs in the U.S. have been broadly successful, with Bitcoin (CRYPTO: BTC) recording a 36% jump in price after its funds started trading in early January. 

Ethereum (CRYPTO: ETH) is also days away from getting listed in U.S. exchanges, pending approval from the SEC. 

Price Action: At the time of writing, SOL was exchanging hands at $147.55, surging 6.4% in the last 24 hours, according to data from Benzinga Pro

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