Solana

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Solana is anticipated to experience a substantial rise in its market value with the potential launch of a spot exchange-traded fund (ETF) that tracks its cryptocurrency, SOL.&nbsp;
According to a recent report from cryptocurrency market maker GSR, such a move could mirror the financial trajectory seen with Bitcoin’s own ETF developments.&nbsp;
<h2 id="span-style-font-weight-400-solana-etf-approval-could-spark-major-price-surge-span">Solana ETF Approval Could Spark Major Price Surge</h2>
<a rel="noopener noreferrer nofollow" href="https://www.gsr.io/reports/is-solana-eft-next/">GSR</a> suggests that if a spot Solana ETF gains approval in the U.S., SOL could achieve an “8.9x” increase in value, pushing its current price from $144 to an impressive $1,300, and elevating its market cap to $613 billion.
The study by GSR draws comparisons with Bitcoin’s market response to ETF approvals, estimating that a Solana ETF could attract 14% of the investment flows that Bitcoin ETFs have garnered.&nbsp;
This scenario could become even more likely amid speculations of a political landscape favorable to cryptocurrency advancements, such as another presidency under Donald Trump.
<h2 id="span-style-font-weight-400-vaneck-and-21shares-propel-solana-s-regulatory-journey-span">VanEck and 21Shares Propel Solana’s Regulatory Journey</h2>
Adding to the momentum, asset manager VanEck has recently taken significant steps by filing for the first Solana trust in the U.S. This move by VanEck is intended to establish a regulated investment avenue for Solana’s blockchain technology.&nbsp;
Matthew Sigel, Head of Digital Assets at VanEck, referred to SOL as a commodity in the S-1 Form submitted to the SEC, highlighting the strategic positioning of Solana in the regulatory environment.
Simultaneously, Swiss asset management firm <a href="https://coingape.com/breaking-21shares-submits-application-for-solana-etf/" rel="noopener noreferrer nofollow">21Shares</a> has also shown a keen interest in this burgeoning market by filing for its own Solana ETF in the United States. This application by 21Shares follows closely on the heels of VanEck’s filing and is crucial in the context of Solana’s legal classification.&nbsp;
By asserting that Solana is not a security under U.S. law, 21Shares aims to navigate the complex regulatory landscape more smoothly, as Security ETFs typically face more stringent regulations than their counterparts.
These filings underline a growing interest and confidence in Solana among leading financial institutions, which could significantly amplify its market performance.&nbsp;
<a href="https://coingape.com/trending/analyst-forecasts-solana-rising-to-third-in-market-with-etf-hype-buy-now/" rel="noopener noreferrer nofollow">Analysts</a> and investors are closely watching these developments, recognizing the transformative potential they hold for Solana’s valuation and the broader blockchain technology sector.
<h2 id="span-style-font-weight-400-current-market-trends-and-future-outlook-span">Current Market Trends and Future Outlook</h2>
If these <a rel="noopener noreferrer nofollow" href="https://www.sec.gov/Archives/edgar/data/2028541/000162828024030249/vanecksolanatrusts-1.htm">ETF</a> applications succeed, they will mark a pivotal advancement for Solana, positioning it alongside Bitcoin and Ethereum in gaining mainstream financial acceptance.&nbsp;
This could act as a catalyst for substantial price increases, similar to those observed following <a href="https://coingape.com/bitcoin-etf-gain-momentum-with-129m-inflows-will-btc-price-recover" rel="noopener noreferrer nofollow">Bitcoin ETF</a> approvals, and cement Solana’s status as a major player in the cryptocurrency world.
<figure id="attachment_205597" aria-describedby="caption-attachment-205597" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-205597" src="https://coingape.com/wp-content/uploads/2024/07/Solana-price-chart.png" alt="Solana To Hit $1,000 On Perfect ETF Storm, Bull Run Manoeuvre" width="687" height="448" srcset="https://coingape.com/wp-content/uploads/2024/07/Solana-price-chart.png 687w, https://coingape.com/wp-content/uploads/2024/07/Solana-price-chart-300x196.png 300w, https://coingape.com/wp-content/uploads/2024/07/Solana-price-chart-150x98.png 150w" sizes="(max-width: 687px) 100vw, 687px">
 <figcaption id="caption-attachment-205597" class="wp-caption-text">
 Solana price chart
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Solana has seen a notable surge over the past 24 hours. As of the reporting time, <a href="https://coingape.com/price/solana/" rel="noopener noreferrer nofollow">Solana price </a>is trading at $152, with a 4% increase, indicating a strong upward trend. The market cap has grown to $70 million, placing Solana fifth in market cap rankings according to data from <a rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/currencies/solana/">CoinMarketCap</a>.&nbsp;
Trading volume has also risen by 7% to $1.8 billion. This positive movement comes amidst news that funds have filed for a<a href="https://coingape.com/solana-etf-bloomberg-analyst-uses-odds-of-sol-etf-approval/" rel="noopener noreferrer nofollow"> Solana ETF</a>, suggesting increased investor confidence and the potential for more institutional money flowing into Solana’s ecosystem.
The post <a href="https://coingape.com/markets/solana-to-hit-1000-on-perfect-etf-storm/" rel="noopener noreferrer nofollow">Solana To Hit $1,000 On Perfect ETF Storm</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Solana To Hit $1,000 On Perfect ETF Storm

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