GSR Predicts 9x Price Surge for Solana on Potential ETF Approval
The post GSR Predicts 9x Price Surge for Solana on Potential ETF Approval appeared on BitcoinEthereumNews.com.
The Solana (SOL) price is expected to rise to $1300 once the SEC approves a spot Solana Exchange-Traded Fund (ETF). According to a GSR report, only Bitcoin (BTC) and Ethereum (ETH) currently satisfy the basic requirements for a spot ETF consideration; however, a pro-crypto president could change the possibilities. Solana (SOL) recently became a topic of discussion after VanEck’s head of digital asset research, Matthew Sigel, announced that the asset manager has officially filed for the first-ever spot Solana ETF with the US Securities and Exchange Commission (SEC). Soon after, Crypto News Flash also reported that digital asset manager 3iQ filed for the same ETF product on Canada’s Toronto Stock Exchange (TSE), sparking interest and setting the price up for a potential rally. With approval odds up for debate, a renowned market maker, GSR, has released a comprehensive report entitled “Is Solana Next?” to analyze all the possibilities of approval and the subsequent impact on the SOL price. In the report, the evolution of the Solana network was lauded, with the nearly 300 billion transactions and over $4 billion in Total Value Locked (TVL) attributed to the super cheap transaction cost, its large number of decentralized applications, and the growing user base and developer communities. Key Features that Qualify an Asset for ETF In subjecting the potential approval of the spot Solana ETF under critical scrutiny, the GSR report explained that authorities expect underlying assets to have a federally-regulated futures market, which has existed for several years, and a futures-based ETF. With this, only Bitcoin (BTC) and Ethereum (ETH) are reported to tick the boxes. This implies that there could be no other ETFs anytime soon. However, things could change once a crypto-friendly president is elected into office. The report also mentions that the level of decentralization and potential demand…
Filed under: News - @ July 1, 2024 8:14 am