As a seasoned financial analyst with a background in cryptocurrencies and a keen interest in blockchain technology, I have been closely following the developments in the crypto market for quite some time now. Based on my analysis of the latest news and trends, I believe that VanEck’s potential introduction of a spot Solana ETF is an intriguing prospect.
After trading on Wall Street for nearly a week, investors are closely watching the market for the next crypto exchange-traded fund (ETF) and have their sights set on the second-largest altcoin, Solana. Notably, VanEck, a prominent asset management firm, has hinted at the potential launch of a Solana spot ETF.
Will VanEck Push for Spot Solana ETF?
At the ongoing Bitcoin conference, I’ve observed that many attendees have expressed keen interest in Solana based on the information shared by VanEck in a recent tweet. Notably, VanEck filed an application for a Solana ETF towards the end of June, predating the approval of spot Ether ETFs. The high level of curiosity around Solana among conference attendees indicates its growing popularity and potentially reduces regulatory challenges for the SEC to approve a Solana ETF.
A surprising amount of people asked us about Solana at our Bitcoin booth
— VanEck (@vaneck_us) July 27, 2024
BlackRock, like other major asset management firms, expresses reservations about the need for additional Solana or crypto ETFs in the market. At the Bitcoin Conference, BlackRock’s Head of Digital Assets, Robert Mitchnick, shared his perspective. He noted that the Securities and Exchange Commission (SEC) would eventually establish boundaries. Moreover, apart from Ethereum, which accounts for more than 5% of the total crypto market capitalization, other altcoins contribute insignificantly to the market’s overall value. Consequently, Mitchnick maintains that there is little rationale behind launching more crypto ETFs at this time.
SOL Surpasses BNB for 4th Spot
In a recent turn of events, Solana (SOL) has succeeded in moving ahead of Binance Coin (BNB), becoming the fourth largest cryptocurrency by market capitalization for the first time in the past four years. This achievement comes during a notable surge in the crypto market.
Over the last fortnight, the price of Solana has made a strong comeback, surging over 35% higher. Conversely, Binance Coin (BNB) has also risen, but to a lesser extent, with a gain of approximately 10%.
At present, the cost of SOL is rising by 3.88%, or $182, as reported at the time of publication. The bulls have maintained their grip above a significant support threshold of $175. Noted crypto analyst Rekt Capital anticipates that Solana will make its next advance toward $202 due to a 15% surge in the platform’s total value locked (TVL) this month.
$SOL
Looks like the Solana retest was successful
Maintain your grip on this red region, and Solana (SOL) may have a chance to retest the $202 resistance level for Bitcoin (BTC) in the future. #Bitcoin #Solana #SOL
— Rekt Capital (@rektcapital) July 26, 2024
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2024-07-27 08:11