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- 1 CNBC Fast Money trader, Brian Kelly predicted that Solana ETF could be the next player.
- 2 The SEC is about to decide on at least one proposed spot Ether ETF on May 23.
- 3 Solana (SOL) is the most demanding digital asset after Bitcoin and Ethereum.
ETF is the latest buzzword in crypto as the Securities and Exchange Commission (SEC) is about to decide on one of the proposed spot Ether Exchange Traded Funds (ETFs) on May 23. Brian Kelly, CNBC Fast Money Trader debated that Solana ETF could be the next player in the ETF race, after Bitcoin (BTC) and Ethereum (ETH).
Why Is Brian Kelly Supporting Solana?
In the CNBC post-market talk show Fast Money on May 22, Brian Kelly predicted that Solana ETF could be next on the list. According to him, Solana is the next big thing after BTC and ETH ETFs.
Joe McCann, the CEO and CIO of Asymmetric took to X to share the news. The news had sparked debate on X.
Oh weird @cnbc says $SOL is the next ETF.
— ◢ J◎e McCann 🧊 (@joemccann) May 22, 2024
Hmm, where have I heard that before… pic.twitter.com/aYAedMhcM0
“Approval timing is less important than a shift in sentiment and could benefit players like Robinhood and Coinbase”, said Kelly. While sharing spot Ether ETF expectations, he stated that a new crypto ETF or SOL ETF is on the horizon.
Moreover, the SEC is about to decide on at least one proposed spot Ether ETF, probably VanEck. As per the SEC’s request, companies including BlackRock, Bitwise Investment, Fidelity, VanEck, Invesco/Galaxy, Ark/21Shares, & Franklin, and Grayscale submitted 19B-4 filing.
Solana Community on SOL ETF
Kelly’s predictions sparked discussion, seeking the investor attention towards Solana. However, a few of the industry observers shared their views.
James Seyffart, Bloomberg ETF analyst believes a Solana ETF would record more demand in comparison to other digital assets.
Based on current precedent/needs — Will happen within a few years of getting a CFTC regulated futures market. But congress & Market structure bills like FIT21 could make it happen quicker.
— James Seyffart (@JSeyff) May 22, 2024
I think a SOL ETF would see most demand vs other digital assets (aside from BTC & ETH)
Nate Geraci, president of ETF Store also shared his views on a Solana ETF. According to Geraci, it is possible only if Congress introduces legitimate crypto regulations or Chicago Mercantile Exchange-traded Solana futures product is listed.
Solana’s Current Performance
At press time SOL was trading at $176.83, after a 1.78% drop intraday with a market cap of $79,393,395,403 and $3,588,199,236 in 24-hour volume.
Solana Price I Source: CoinMarketCap
In the last 7 days, the cryptocurrency surged 8.99% from $161.3 on May 16 to $187.83 on May 21. The data indicates enhanced interest and trust of investors towards SOL.
Amanda Shinoy is one of the few women in the space invested knee-deep in crypto. An advocate for increasing the presence of women in crypto, she is known for her accurate technical analysis and price prediction of cryptocurrencies. Readers are often waiting for her opinion about the next rally. She is a finance expert with an MBA in finance. Quitting a corporate job at a leading financial institution, she now engages herself full-time into financial education for the general public.
