Application for the Altcoin in the Turks’ Basket: Has the Price Been Affected?

The cryptocurrency market has been in a downward trend lately. However, important developments continue to occur. Canadian crypto asset management company 3iQ has filed a formal application with Canadian regulators to launch the Solana Fund (QSOL), an Exchange-Traded Product (ETP) for Solana. This is a valuable development for investors looking to invest in the altcoin Solana.

Critical developments for Altcoin SOL

Although the cryptocurrency market has been in a downward trend lately, important developments continue to occur. Canadian crypto asset management company 3iQ has filed a formal application with Canadian regulators to launch the Solana Fund (QSOL), an Exchange-Traded Product (ETP) for Solana. cryptokoin.com As we reported, altcoin Solana is one of the largest cryptocurrencies and is well known in Turkey. If approved, the Solana Fund will be listed on the Toronto Stock Exchange (TSE), allowing Canadian investors to invest directly in the SOL token. Solana fund offers:

• Easy access to Solana: Solana Fund offers investors access to the Solana ecosystem by allowing them to invest directly in the SOL token. This is an ideal solution for those who want to invest in Solana without using complex cryptocurrency exchanges and wallets.
• Staking income: Solana Fund also offers the opportunity to earn passive income through staking. Staking is a process that supports the security and operation of the Solana blockchain network. Those who invest in the Solana Fund will also receive a portion of the income generated through staking.
• Safe storage: Assets in the Solana Fund will be stored by companies such as Coinbase Custody and Tetra Trust, which are known for their reliability in the field. This maximizes the security of investors’ assets.

What is the latest situation in Solana price?

Although the Solana price has been on a downward trend in recent months, 3iQ’s application for the Solana Fund may have a positive impact on the price. Experts predict that if approved, Solana price could rise to $210 or even $354. The Solana Fund can help expand the investor base by making it easier to invest in Solana. This can contribute to the development and adoption of the Solana ecosystem. The entry of regulated ETFs such as the Solana Fund could increase faith in the cryptocurrency market and attract more investors to this space.

Meanwhile, the cryptocurrency market continued its correction trend on Friday as Bitcoin continued to lose value and recently fell below the $64,000 level. Overall supply turned June into a bearish month, and the majority of major cryptocurrencies, including Solana, reconsidered their critical underpinnings. With a weekly decline of 10.5%, SOL price fell to a 7-week low of $128, seeking support from the multi-month reinforcement of the triangle formation. With the recent success of the Bitcoin ETF, Solana ETP is expected to have a positive outlook on SOL prices.