The post Will Solana Price Hit $200 In July With VanEck’s SOL ETF? These Meme Coins Can Also Explode appeared on BitcoinEthereumNews.com.

This article was paid for* Spot Bitcoin and Ethereum ETF provider VanEck has now filed for a Solana ETF, submitting its S-1 application on Thursday.  Head of Digital Assets Research at VanEck Matthew Sigel also claimed that Solana is a commodity, a viewpoint that is in stark contrast to the SEC.  The Solana price surged to $150 after the ETF news broke, however, has since pulled back to $145. Nevertheless, experts remain bullish on SOL’s short and long-term prospects, with some even expecting a push towards new highs in July.  Solana meme coins and Layer-2 tokens have also bounced on the ETF news while new tokens such as Sealana, Base Dawgz and Mega Dice are gearing up for explosive IEOs.  Will VanEck’s Solana ETF Be Approved? Bloomberg analyst Eric Balchunas believes that a spot Solana ETF approval largely depends upon the results of the upcoming US presidential elections. He claims it to be extremely unlikely that the current SEC administration, led by Chair Gary Gensler, will approve the SOL ETF.  For instance, the Commission has sued prominent crypto exchanges including Binance and Coinbase for the sale of illegal securities, with SOL being one of the assets mentioned in the lawsuits.  Similarly, the SEC under Gensler has made it mandatory for crypto assets to have a futures market of “significant size” before they could considered for spot ETFs. Notably, both Bitcoin and Ethereum had Futures ETF while Solana does not.  However, the Chief Legal Officer of the Variant Fund Jake Chervinsky believes that nothing is stopping the SEC from approving Solana spot ETFs without a futures market. Bloomberg’s Balchunas concurs with this assessment, claiming that the pro-crypto SEC Commissioner Hester Peirce may have a much more favourable view on the matter as compared to Gensler.  Indeed, Peirce – in several of…

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Filed under: News - @ June 29, 2024 7:10 am