SOL Price Surge on Solana ETF News
SOL experienced a significant price increase following the announcements by VanEck and 21Shares regarding their plans to launch Solana-based exchange-traded funds (ETFs) in the United States.
According to CoinmarketCap, SOL, the fifth largest cryptocurrency by market cap, surged more than 16% in the past week, fueled by speculation around potential SEC approval for a Solana ETF.
VanEck and 21Shares Solana ETF Applications
VanEck’s disclosure of its Solana ETF filing with the SEC came via Matthew Sigel, head of digital asset research, on June 27. Sigel expressed confidence in the approval process, anticipating VanEck to become the first to offer a SOL-based ETF on the Cboe BZX Exchange.
Within 24 hours, 21Shares also filed its own Solana ETF application, marking a competitive move in the ETF space for Solana.
These filings follow 3iQ’s recent application for a Solana ETF in Canada, underscoring growing mainstream interest in cryptocurrency ETFs.
Impact on Solana and Market Expectations
The SEC’s recent approvals of Bitcoin ETFs and impending decisions on Ethereum ETFs have set a positive precedent for Solana. VanEck argues that like Bitcoin and Ethereum, Solana should be classified as a commodity rather than a security.
Market data reveals over $1 billion in Solana ETF products globally, highlighting robust investor interest.
Expert Insights and Price Predictions
Experts foresee a bullish trajectory for SOL, buoyed by ETF news and increasing adoption of Solana for meme coins and other projects. GSR Markets predicts potential gains of up to 9x for SOL if the ETF is approved, projecting a price target of over $1,320.
Bloomberg’s James Seyffart suggests that political shifts could influence ETF approvals, with implications for the broader crypto economy.
Solana Meme Coins to Watch
Investors eyeing Solana’s ecosystem may consider:
- Sealana (SEAL): Emerging as a popular Solana token with a unique narrative and significant community engagement. SEAL recently concluded a successful presale and is set for DEX trading on July 2.
- Mega Dice (DICE): The native token of Mega Dice, a regulated Telegram casino platform offering diverse gambling options. DICE holders can benefit from platform revenues and unique staking opportunities.
Both SEAL and DICE exemplify the dynamic potential within Solana’s vibrant ecosystem, attracting attention from investors and enthusiasts alike.
