VanEck, a New York-based investment firm, has already filed for the Spot Ether ETF and is now aiming to start the Solana ETF process. VanEck has filed a proposal to launch Solana’s ETF in the market as soon as possible. Despite the sincere efforts, analysts predict that the product’s success won’t materialize until 2025. Meanwhile, it is right to assume that all eyes are on the Spot Ether ETF, which could hit the floor by July 4, 2024.
It was anticipated that additional digital assets would be included. SOL is merely following the most anticipated trend. The token jumped by 7% when reports of proposal filings hit the surface. It has now surged by 6.33% in the last 24 hours at the press time, listed at $144.61.
VanEck will enable traders to have a portion of the SOL ETF in their traditional brokerage account. Investors and traders will not be required to own the toke directly. Instead, they will only be able to access the profits that the altcoin generates. ETF investments have gained popularity because they remove the risk of directly holding the digital asset, or SOL in this case.
Nate Geraci, the President of the ETF Store, has called this move by VanEck smart, further stating that it only makes sense to get the process started even if the possibilities are dim or the timeline of approval is lengthy. James Seyffart, Bloomberg’s ETF expert, has said that it could enter the market only in 2025.
An entry into other digital asset ETFs was first speculated when the US Securities and Exchange Commission took a U-turn on the Spot Bitcoin ETF. Its approval came earlier this year, in January, and it has invited capital inflows since then, even at a time when BTC ETFs were experiencing heavy outflows.
However, SOL reflects the sentiments on the trading board. It is not just a 24-hour observation; the trend goes back to 7 days. SOL’s value has soared by 8.74% in 24-hour trading volume. The market cap has also surged, taking the token to the 5th position on the global cryptocurrency charts. Near-term predictions are stronger than before. SOL is expected to jump by 16.25% in the last 30 days for a value of $173.57. An early surge can come in the next 5 days if the value successfully trades at $149.98.
Volatility is below 10%, and the 14-day RSI is hovering around 39.99 amid the prevailing bullish sentiments.
Approval of Spot Ether ETF will pave the way for SOL ETF and other digital assets. Brad Garlinghouse, the CEO of Ripple, has already expressed his opinion by saying that the approval of multiple altcoin ETFs is inevitable.
Simply put, crypto ETFs have the support of the community. Bitcoin has reached shore, ETH is on the horizon, and others are waiting for their turn. SOL ETF will set the stage for other digital assets just like ETH has done.