Solana is currently attracting a lot of attention in the crypto space, with enthusiasts speculating about the possibility of its ETF. A CNBC Fast Money trader has suggested that a Solana ETF could be the next big thing after the Ether ETF. However, there hasn’t been any significant movement in the price of Solana following this news.
Is Solana ETF the Next Big Thing?
The Securities and Exchange Commission (SEC) is set to decide on a proposed spot Ether Exchange Traded Fund (ETF) on May 23. Brian Kelly, a CNBC Fast Money Trader, suggested that Solana could be the next player in the ETF race after Bitcoin and Ethereum.
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
The news has sparked debate and discussion in the crypto community and could potentially benefit companies like Robinhood and Coinbase. Multiple companies have submitted filings for the proposed spot Ether ETF, indicating a growing interest in crypto ETFs.
However, if the Solana ETF becomes a reality, it will benefit Solana holders and the cryptocurrency space. This could attract more institutional investment and increase cryptocurrency exposure.
Solana’s Performance on the Technical Chart
Zooming out to a broader perspective, Solana’s valuation has been climbing steadily, nearly touching the previous peak. From October 2023, there’s been a noticeable uptick in demand for SOL tokens.
The cryptocurrency reached a peak value of $209.90 on March 18, 2024. Post this milestone, a wave of profit-taking initiated a temporary downtrend. However, there’s been a resurgence of interest as investors aim to revisit and possibly exceed that peak.
On a day-to-day analysis, Solana’s trajectory has remained positive, with the token on the verge of breaching the upper barriers. Currently, the SOL token hasn’t quite managed to break past the $185 threshold despite persistent investor interest.
In the last three days, Solana’s value dipped by 5.50%, yet it hasn’t completely reversed the gains of the preceding larger candlestick. Should the price drop to around $160 and exhibit a bullish pattern, this could signal investors to capitalize on the dip, potentially transforming the recent decline into a mere pullback.
Should this pullback pique investor interest and be accompanied by a surge in trading volume, Solana might just clear the $200 mark. If it manages to break out beyond this point following a period of consolidation, we could see Solana setting new record highs.
At the moment, Solana is trading at $176.19, marking a slight decline of 0.36% within the day. The total market value stands at $79.00 Billion, with a 24-hour trading volume of $3.56 Billion.
