Solana ETF Market Talks Soars SOL Price by 6%. Solana has reversed its downward trend, thanks to the buzz surrounding VenECK’s recent Spot Solana ETF filing. The main goal remains to approach its all-time high of $260.06, a target that has been out of reach for three years.
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Solana ETF Market Talks
As one of the leading altcoins, Solana is among the first to recover in a challenging market. Recently, Solana’s price fell to a low of $123.8, but it has now surged by 6% in the past 24 hours, reaching $144.31. Despite this increase, Solana is still down 13% over the past month, which is relatively normal in the volatile crypto market
Following the approval of the Ethereum ETF, market attention has shifted to Solana’s ETF due to its growing popularity. Even before the Ethereum ETF was approved, there was significant discussion about Solana’s ETF, with expectations that its approval might be smoother.
The recent surge in Solana’s price came shortly after VenECK, a well-known Bitcoin ETF issuer, filed Form S-1 for a Solana ETF with the SEC. This is the first official filing for a Solana ETF, and it’s anticipated that other major firms like BlackRock, Fidelity, and Grayscale may follow suit.
QSOL Fueling Market Excitement
Earlier, Canada’s investment firm 3iQ Corp filed a preliminary prospectus for the Solana Fund (QSOL), fueling market excitement around the Solana ETF. However, there are still significant hurdles to overcome, including the absence of a Futures ETF and Solana’s potential classification as a security by the SEC.
Given the SEC’s rigorous process before approving the Ethereum ETF, similar challenges are expected for the Solana ETF. Bloomberg ETF Analyst James Seyffart has predicted that the Solana ETF might launch by 2025, contingent on a new administration in the White House and changes within the SEC. According to James Seyffart;
“First SOL ETF filing in the U.S. Will be interesting to see if other issuers immediately follow suit. Early thoughts are that this only has a shot to launch sometime in 2025 if we have a new admin in the White House and SEC. Even then not guaranteed.”
https://twitter.com/matthew_sigel/status/1806313241431138434
Solana to a New All-Time High
Amid the Solana ETF hype, the SOL price has rapidly recovered, driven by increased network activity. The 24-hour trading volume has surged by 112% to $3,127,793,658, which could further boost Solana’s price.
Potential Impact of Solana ETF Approval on Price
With the approval of a Solana ETF, price targets are much higher, with some analysts predicting values of $300, $500, and even $1,000. Although making exact predictions is challenging, a surge up to 9x is considered possible by many analysts.
However, it’s worth noting that Ethereum did not meet such high expectations following its ETF approval, so predictions for Solana reaching extremely high values should be tempered with caution.
Conclusion
To conclude, the Solana ETF market talks soared the SOL price by a 6% surge and with this ETF hype offering promising prospects, caution is advised given the volatile nature of the crypto market and historical precedents. Investors should closely monitor regulatory developments and market dynamics as Solana aims for new heights.
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