SOL Price Jumps 6% As Cboe Files 19b-4 for Spot Solana ETF from 21Shares and VanEck

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As a seasoned crypto investor with a keen interest in keeping abreast of market developments, I find the recent news surrounding Solana (SOL) particularly noteworthy. The surge in SOL price by 6.7% today is an encouraging sign for those holding this cryptocurrency, and the potential approval of spot Solana ETFs by the US SEC adds another layer of excitement to the mix.

As a researcher studying the cryptocurrency market, I’ve observed an intriguing development: the price of Solana (SOL) has experienced a significant 6.7% increase today. This surge can be attributed to the news that Cboe Global Markets filed an application with the US Securities and Exchange Commission (SEC) on July 8, 2023, to list spot Solana exchange-traded funds (ETFs). The crypto community is eagerly anticipating the potential launch of these ETFs by around 2025.

Cboe Files 19b-4 for Spot Solana ETF

In a move reminiscent of Ethereum Spot ETF proposals, Cboe has filed regulatory applications for the first-ever Solana Spot ETFs on behalf of 21Shares and VanEck. These applications mark the initial Solana ETF offerings to be considered by market regulators.

In June last month, 21Shares and VanEck submitted applications to the SEC for their new financial products. Nevertheless, before these products become available for trading in the US, the SEC must also approve their S-1 filings alongside the required 19b-4 filings. Rob Marrocco, Global Head of ETP Listings at Cboe, stated:

As a researcher delving into the dynamic world of cryptocurrencies, I’m currently focusing on the surging investor attention towards Solana. This digital currency is rapidly gaining popularity among investors, following closely behind Bitcoin and Ether in terms of trading activity.

According to current market forecasts, VanEck, 21Shares, and other relevant issuers are anticipating the SEC’s final approval for listing Ethereum spot ETFs in the upcoming fortnight.

According to Bloomberg analyst Eric Balchunas’ prediction, Solana exchange-traded funds (ETFs) may become available by mid-March 2025. However, he cautioned that the outcome of the US elections could significantly impact whether or not these ETFs are launched.

As a researcher studying the potential launch of Solana Exchange-Traded Funds (ETFs), I’ve discovered that the final deadline for their approval is around mid-March 2025. However, an important date to keep in mind is November, as the outcome of this year’s presidential election could significantly impact the fate of these proposed ETFs. If Joe Biden wins, it’s likely they will not make it past the regulatory process. Conversely, if Donald Trump secures another term, there’s a chance the ETFs might still have a shot at being approved.

— Eric Balchunas (@EricBalchunas) July 8, 2024

 SOL Price Eyeing Major Breakout

I’ve noticed some volatility in the Solana market lately, with prices dipping due to broader market turbulence. However, Solana has quickly rebounded and is currently hovering around $140. According to crypto analyst Ali Martinez, this price action bears a striking resemblance to Solana’s trajectory during the 2021 bull run. In other words, if the market trends continue, we could be in for some significant upside with Solana.

According to Martinez’s analysis, the RSI for Solana (SOL) is at the same point it was before the significant price increase in 2021 occurred. This indicates that a strong upward trend for SOL prices may be imminent.

It appears that Solana’s price action is reminiscent of its behavior in 2021. The Relative Strength Index (RSI) for Solana’s token ($SOL) currently mirrors the same level it held before the significant price surge occurred back then.
— Ali (@ali_charts) July 8, 2024

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2024-07-09 07:02