Canadian Investors Can Now Buy Solana (SOL) as an Exchange-Traded Fund (ETF)

The Solana price has surged by 12% this week, massively outpacing rival large-cap cryptos. The ETFs have helped instill excitement in the Solana ecosystem and reinforced its credibility as an institutional-ready product.

Canadian investors can now buy a third cryptocurrency via an exchange-traded fund (ETF), Solana.

Four issuers launched Solana ETFs on Wednesday, making it the third cryptocurrency approved for use as a spot ETF asset in Canada, after Bitcoin and Ethereum.

The Solana price has surged by 12% this week, massively outpacing any of the rival large-cap cryptos. This follows a period of quiet price action in March, despite a recent boom in ecosystem adoption, with multiple tokens seen surging more than 50% weekly.

The ETFs have helped to install excitement in the Solana ecosystem and reinforce its credibility as an institutional-ready product.

$SOL ETFs Could Bolster Market Sentiment

Four issuers applied to list Solana ETFs, which will trade on the Toronto Stock Exchange. The ETFs are being launched by CI Global Investment Trust, Collective Investment Trust, Defiance and Purpose.

The products will track the price of Solana, the world’s ninth-largest crypto.

Solana futures ETFs are already available in the US, with the first two being launched by researchers at the beginning of this year.

However, ETF expert Eric Balchunas was skeptical that the capital flows from the Canadian market may do little to move the $SOL price. He noted to Solana’s US-based futures ETFs:

“The two Solana ETFs in the U.S. (which track futures, so not a perfect guinea pig) haven’t done much.”

He continued, “The 2x XRP (ETFs) already has more AUM than both the Solana ETFs, and it came out after.”

But it appears that the net credibility gained from the listings is stoking investors’ interest, given this weeks 12% rally. It also helps uplift market confidence for approvals of US-based spot ETFs.

Solana has experienced a recent boom in ecosystem adoption, with multiple tokens seen surging more than 50% weekly.

And the ETF launches come amidst a broader push for institutions to onboard to the Solana network. The $11.5 trillion asset manager BlackRock moved its $1.7 billion tokenized money market fund BUIDL to the chain in late March.

From meme coins to real-world assets and ETFs, the Solana ecosystem appears to be reaching a fever pitch of adoption.

With that in mind, here are the best crypto to buy now.

Solaxy

Solaxy is building the world’s first Solana layer 2 blockchain.

As both serious and non-serious use cases expand on the network, Solana has booked over 78 million users in the past month.

This is only possible due to its heightened transaction capabilities, with Solana’s scalability enabling lower fees and higher speeds than competitor chains like Ethereum. But even Solana isn’t perfect.

During periods of high network activity, the chain struggles to accommodate all demand, leading to congestion issues where transaction wait times extend and failure rates increase. But the Solaxy layer 2 will soon make this a non-issue.

It will handle some of Solana’s workload and use transaction bundling technology to make things even faster.

The project is building a new era for unmatched transactional throughput – and it could unlock billions of dollars in value.

Solaxy is performing a presale and has raised $30 million so far. This is more than any other Solana ICO in history, reflecting just how much potential this project holds.

Raydium

One of the reasons that $SOL and $SOLX are promising investment opportunities is that they’re infrastructure plays. They’re components crucial in the operation of Solana, and therefore, their prices will rise alongside the ecosystem’s growth.

The same can be said for Raydium. The project is one of Solana’s leading DEXes, and it recently expanded its operations to create LaunchLab, a direct competitor to Pump.fun.

Like Pump.fun, LaunchLab will allow users to create a meme coin in seconds. However, LaunchLab offers some benefits, including a fee share model creators, a referral program, and broad distribution of platform token advertisements.

Raydium is incentivizing creators with the aim of taking Pump.fun’s market share. If successful, then the $RAY price could soar.

And this isn’t to mention the additional demand for $RAY which will come as DEX activity rises.

Overall, it appears to be one of the most promising Solana projects on the market right now.