The Brazilian Securities & Exchange Commission has approved a second Solana ETF. The first one was approved on August 8, 2024. Hashdex, in partnership with BTG Pactual, will offer the second ETF. The new ETF is currently in the preoperational phase and could go live soon.
Sports assets managed by Hashdex are valued at $962 million. It previously launched Bitcoin and Ethereum ETFs. Hashdex also has the Nasdaq Crypto Index in the market.
The development has had little impact on the SOL price, a token native to the Solana ecosystem. It is currently down by 0.59% in the last 24 hours; it was listed at $142.99 at the time of writing this article. It further reflects a decline of 20.06% in the last 7 days and a surge of 0.305 in the last 7 days.
However, SOL is poised to mark upticks in the near future. Near-term projections indicate that the token will trade at $164.93 within the next 30 days. This will represent a 14.65% increase from the current value at press time, despite the volatility of 10.81%. SOL is also poised to reach $200 by the end of this year.
There could be more than a single factor at play here. While Solana ETF approval in Brazil has sent positive waves around the world, other factors such as global economic conditions and the ongoing political scenario will also play a role. For instance, the ongoing political scenario is pushing Democrats and Republicans ahead of each other every day. The picture is a little clearer about who can win the November election. Bets are heavy on Donald Trump, who is frequently considered a friendly face in the crypto market. Kamala Harris, on the other hand, is slightly new to the sphere but has committed to supporting the ecosystem.
Global economic conditions are yet to cool down. Analysts expect the recession to happen again across the US, with an uptick in inflation. The picture of inflation is cool, and the target of 2% is not that far away. The Federal Reserve may even cut rates by 25 bps in September this year.
The approval of a Solana-based ETF in Brazil by its regulatory body is a promising sign that acceptance is increasing in various parts of the world. The price of SOL will continue to be influenced by macro factors. Prices may even react to the development later—briefly or for a sustained duration.
An approval from the Brazilian regulator has made it clear that another crypto ETF is on the way. As the community waits for a confirmed launch date, all eyes are on Hashdex and BTG Pactual. Meanwhile, other applicants are hopeful about getting the green light from the Brazilian authority in the agency.
The US market is pondering over which crypto ETF could hit the floor next. Based on XRP prediction trends, XRP is likely, and so is SOL now.
