Solana SOL/USD is cheering the recent applications by VanEck and 21Shares for Solana ETFs. The optimism surrounding the altcoin has led traders to predict strength.
What Happened: Crypto trader Cold Blooded Shiller in his latest X post highlighted that Solana continues to look very good. He also noted that the weekly setup is very strong. He concluded by saying, "If we get a bigger bounce I think it's going to be one of the most liquid, strongest runners."
Heavily followed crypto trader Honey terms Solana as one of the best coins.
Altcoin Sherpa has a neutral stance on Solana's short term performance. He continues to believe $120-$170 is a decent region to accumulate the altcoin. While he sees Solana doing "pretty well" in the second part of the year, he does not expect it to move until the overall market environment improves.
Also Read: Solana Jumps 5.5% As Cboe Files Application With SEC To List VanEck, 21Shares Spot ETFs
Why It Matters: According to the most recent data, Rob Marrocco, Global Head of Cboe ETP Listings, noted a rising interest in Solana, mentioning that it ranks among the most actively traded cryptocurrencies following Bitcoin and Ethereum. He also disclosed that VanEck and 21Shares submitted applications for a Solana ETF in late June, according to Reuters.
Bloomberg's Senior ETF Analyst Eric Balchunas posted on X that the deadline for Solana ETFs will be March 2025. He added, "But until March 2025, November 2024 will be very important. Because if Biden wins the elections, forget about Solana ETFs. If Trump wins, anything is possible."
What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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