VanEck Files for SOL Spot ETF with SEC; Technical Indicators Point to Potential $200 Breakout”
VanEck Filed for Spot SOL ETF with the US SEC, technical indicators suggest that SOL could now be setting up for a major breakout of $200.
On 27 June 2024, VanEck announced the first application for a Solana spot ETF in the United States, stating that Solana offers a better user experience than Ethereum. The Trust’s SOL will not be used for staking, earning additional SOL, or generating any income.
Bloomberg analyst James Seyffart noted that it’s uncertain if the first Solana ETF application in the U.S. will prompt other issuers to follow. If there is a change in leadership at the White House and the SEC, the Solana ETF might not launch until sometime in 2025.
In response to this Solana spot ETF application, GSR, which has a significant investment in Solana, published a small report to drag attention toward the recent shift in the political climate surrounding cryptocurrencies, including Solana.
Report noted that Crypto has rapidly become a potentially divisive issue in the upcoming US presidential election between the current Democratic president Joe Biden and the likely Republican candidate, former president Donald Trump.
The report highlights that Donald Trump’s new support for the crypto industry has led Democrats to soften their stance on digital assets during a competitive election year.
This shift has led to bipartisan support for crypto-friendly legislation, such as overturning the SEC’s SAB 121 accounting policy and passing the FIT21 digital asset regulatory framework in the House.
GSR’s analysis includes an “ETF Possibility Score” based on decentralisation and potential demand. Solana scored well on both metrics, ranking just behind Ethereum.
The report stated that Solana is likely to be the next approved spot digital asset ETF in the U.S. if additional ones are permitted.
Sol price action
Following this news the trade price of Sol coin surged by nearly 10% within 24 hours. The current trade price of Sol coin is $147.5.
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