- SOL rallied 9% and hit $150 following VanEck’s SOL ETF software
- A market maker has since gone lengthy on SOL, projecting its value may respect 8.9x.
The primary US spot Solana [SOL] ETF software on twenty seventh June by asset supervisor VanEck boosted crowd optimism on the SOL token. It rallied 9.4% through the intraday buying and selling session on the identical day.
Nonetheless, in contrast to Bitcoin [BTC] and Ethereum [ETH], SOL doesn’t have a product primarily based on future ETFs, which may have an effect on the SEC’s approval.
However Bloomberg senior ETF analyst Eric Balchunas noted that issues may change with a brand new administration.
‘If change at POTUS, I believe something doable…I see this submitting as a name possibility on the POTUS election. As a result of the election occurs however the 240 days the SEC has to ponder.’
SOL ETF to drive value 8.9x?
Balchunas’s sentiment was echoed by one other coverage watcher, Scott Johnsson, a finance lawyer at Van Burien Capital. Johnsson added that Solana ETF could possibly be permitted with out having the futures ETF like BTC and ETH did.
‘This SEC (and any led by one other chair) goes to alter the foundations once more when it’s politically expedient.”
Given the conviction that Solana ETF could possibly be a matter of ‘when’ not ‘if’, crypto market maker GSR has gone ‘lengthy on SOL.’ In a latest replace, GSR noted,
‘And with the others having or on the cusp of a spot ETF, not solely is it possible only a matter of time earlier than Solana will get one too, but additionally the influence on SOL simply could be the most important but…GSR is lengthy SOL.’
GSR estimated that the ETF may entice 2%- 14% of BTC ETF flows. Per the market maker, if SOL ETF attracts 14% of BTC flows, SOL’s value may rally 8.9X in a bullish case situation (Blue Sky).
What’s subsequent for SOL?
Within the meantime, the Thursday upswing noticed SOL hit $150. Nonetheless, it additionally reached the 50-day EMA (Exponential Transferring Common), which could possibly be a key resistance degree if the gang optimism wanes.
![SOL ETF](https://ambcrypto.com/wp-content/uploads/2024/06/SOLUSDT_2024-06-28_10-00-30.png)
![SOL ETF](https://ambcrypto.com/wp-content/uploads/2024/06/SOLUSDT_2024-06-28_10-00-30.png)
Supply: SOL/USDT, TradingView
As of press time, SOL had erased a part of Thursday’s positive factors and traded at $145. Santiment, a blockchain intelligence information platform, had beforehand noted that SOL’s correction was possible after the SOL ETF information.
‘SOL’s rally is being accompanied by merchants FOMO’ing in, which means the rally is much less prone to proceed.’