Solana price relaunched its recovery bid following news of Brazil’s Securities and Exchange Commission (SEC) approving the first spot SOL ETFs in the country. The ETF nod and an increase in open interest and trading volume add credence to SOL’s bullish outlook in August.
Spot SOL ETF Greenlight Sparks Solana Price Rally
Solana price maintained its earlier revamped bullish case after the Brazil SEC made history by approving the first spot SOL ETF on Wednesday, 7. The move puts the crypto landscape in the country ahead of other jurisdictions, including the US, which has only approved two spot ETF products: Bitcoin ETFs in January and Ethereum ETFs in July.
However, Brazil is the second country to make this bold step after the first Solana exchange-traded product (ETP) in Switzerland went live in June courtesy of 21Shares.
According to a local publication, Exame, the ETF product will mirror the CME CF Solana Dollar Reference Rate index, established by CF Benchmarks, channeling support
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