In recent times, smart contract platforms have caught the attention of investors as they gain momentum in the cryptocurrency markets. Ethereum (ETH) and Solana (SOL), the leading smart contract platforms, have experienced significant price surges in the past month, drawing considerable interest from investors.

The recent surge in Ethereum's price, experts suggest, can be attributed to various factors, with the primary one being the approval process for the spot ETF. Ethereum witnessed a notable increase of 24.68% in the past month, while SOL surged by 30.1%. Investors perceive the approval of ETFs as an additional liquidity source for cryptocurrencies, contributing to Ethereum's upward trajectory.

Although ETF transactions have yet to commence, they are anticipated to serve as a significant catalyst for Ethereum in the future. Following Ethereum's ETF process, there are speculations that its close rival, Solana, might undertake similar steps to maintain competitiveness. Solana, a popular altcoin, garnered attention with consistent price rises in May, despite experiencing a slight decline towards the end of the month.

According to recent data, Solana's price surged by over 6% at the beginning of May, trading around $134.54. Although it closed May with a slight drop of approximately 0.8%, Solana is currently trading at $153, influenced by its recent bullish momentum. However, this level remains below the short moving average, which previously acted as support for the cryptocurrency.

The upward momentum observed in Solana differed from the previous month. Meanwhile, Ethereum began May with a 1% drop but managed to increase its price by 19.23% by the end of the month, driven by ETF approvals. Ethereum closed the month trading at $3,760, showcasing significant growth influenced by recent developments.