SOL coin price surpassed the critical $250 mark, driven by recent market speculations and expected ETF approval.
SOL Price Rise Amid Market Expectations
While this article was being prepared, SOL's price surpassed $250, marking a significant market event. This surge is linked to a report from a reliable source suggesting a potential upswing in the altcoin market, starting with SOL and supported by ETH. Meanwhile, BTC prices continue to fluctuate in the narrow range of $96,500 to $97,000.
ETF Approval Anticipation and Its Impact
Fox Business reporter Eleanor Terrett recently made an announcement that excited the Solana community. Investors anticipated the approval of pending ETF applications, especially following Gensler’s resignation. However, sources within the administration are also progressing the process.
Possible Timeline for Solana ETF Approval
Currently, VanEck, 21Shares, and Canary have submitted ETF applications. Bitwise has also expressed its intention to apply. The 19b4 forms will be filed with the CBOE. Once the SEC acknowledges receipt of the application, a 240-day period begins for approval or rejection. Filing 19b4 does not guarantee SEC approval, as previous applications from VanEck and 21Shares were removed from CBOE’s site in August. Now, issuers believe that recent staff engagement combined with a crypto-friendly administration could lead to SOL ETF approval by 2025.
The rise of SOL price above $250 reflects high investor expectations regarding the future ETF and its potential impact on the cryptocurrency market as a whole.
