The cryptocurrency market shows signs of readiness for the launch of a Solana ETF, despite recent price fluctuations. Activity on CME futures is reaching record levels.
CME Activity and Signs of Readiness
Recent data indicates that Solana futures activity on the Chicago Mercantile Exchange (CME) has hit record levels. Following the latest round of S-1 form updates, volumes for SOL futures on CME saw a substantial increase, which could signal readiness for ETF approval in the coming months. A total of 106K contracts have been traded since launch, amounting to a notional volume of $3B.
Notable Changes in SOL Prices
Despite the overall market activity, SOL's price has experienced pressure, dipping below $130. In recent days, mainstream investors appear to be positioning themselves for the potential launch of an ETF. Additionally, the recent listing of the VSOL ticker for VanEck’s ETF with the DTCC may suggest a future trading start.
Potential Outcomes of ETF Approval
If the ETF is approved, this could significantly boost interest in SOL and lead to a repricing in the range of $180 to $200. Given current conditions and heightened on-chain activity, expectations for a 'Solana summer' are growing, and ETF approval could reignite demand for the cryptocurrency.
With rising market activity and potential approval of a Solana ETF, the future of the cryptocurrency looks promising despite short-term price fluctuations.
