With the prospect of a Spot Solana ETF by no means being nearer for the cryptocurrency market, can an approval push SOL to a worth of $500? Despiite, dealing with a slight correction Wednesday, the fifth largest cryptocurrency by market cap, had been profitable the day. Now, all eyes are on simply the place the token might go.
With two crypto-based ETFs authorised final 12 months, the market anxiously awaited what tokens might be subsequent. As Donald Trump has taken up the Oval Workplace, a brand new administration might have a 3rd authorised fund as only a matter of time. However the largest query is, what wouldn’t it imply for the token’s worth?
Additionally Learn: Donald Trump Eyes Strategic Reserve for Cash Like Solana, XRP
Solana ETF Appears Nearer Than Ever: What Will It Imply for SOL?
In 2024, the digital asset market made historical past with the debut of not one however two crypto ETFs. Bitcoin led the best way, being known as the “biggest launch in ETF historical past.” With $11.5 trillion asset supervisor BlackRock main the best way, the funding automobile proved immensely profitable.
However simply what toenk might be subsequent? All eyes are seemingly on the arrival of a Solana ETF, with large implications in retailer for SOL. The community was lately utilized by Donald Trump to launch his TRUMP meme coin. Skyrocketing 28,000%, it proved to be an enormous success for the present US President.
Additionally Learn: Solana Predicted to Return to $200 After 14% Drop: Right here’s When
That makes the method of a Solana ETF that rather more convincing. Certainly, Trump positioned pro-crypto Mark Uyeda as performing US Safety and Change Fee (SEC) Chair. Furthermore, considered one of his first orders of enterprise was to institute a crypto job pressure. Their objective is to revamp crypto coverage and regulation within the nation.
All eyes are on SOL as the subsequent in line. So, what would an ETF imply for the cryptocurrency worth? Nicely, crypto worth prediction platform CoinCodex expects large issues if the product is to be authorised.
The platform tasks Solana to primarily keep inside its present worth place. Nevertheless, they anticipate issues to turnaround massively in July. Randomly, they undertaking SOL to skyrocket 102% from its present place to commerce at a $520 worth. The forecast is probably going linked to the potential arrival of a Solana ETF this 12 months.