The odds for Exchange Traded Fund (ETF) approval for the cryptocurrency Solana have significantly increased, which may affect its future in the market.
Odds for Solana ETF Approval
According to The Solana Post, the probability of ETF approval for Solana rose to 92% after the SEC requested ETF issuers to amend their applications. However, the latest odds have surged to 97% according to Polymarket's live ticker. This reflects growing investor confidence in such a move, though it doesn't guarantee ETF approval. The SEC typically operates at its own pace, but a review of current applications indicates that progress is being made.
Solana Prices Remain Below $160
The price action of SOL over the past 30 days has seen significant fluctuations. Overall, Solana had a June to forget, focusing much of the month on defensive efforts. The price index slipped below $160 and largely remained below it during the latter half of the month. Now, bulls are looking for a significant catalyst, and an ETF approval in the US could potentially revitalize SOL.
Future of the Solana Market
ETF approval is major news for any altcoin. Previously, the largest cryptocurrency Bitcoin experienced a price surge of 40% following the launch of its first batch of ETFs in early 2024. Although interest in the spot ETF has considerably subsided, it did provide a significant boost during the current bullish cycle. However, Ethereum, having a number of ETFs approved globally, has failed to replicate Bitcoin's success. Even a short-term, significant price increase eluded the second-largest cryptocurrency by market capitalization. Nonetheless, Solana is viewed as a competitive altcoin that may challenge Ethereum in the coming years. Traders continue to see a lot of potential in Solana.
With the current odds of ETF approval and interest in Solana, the future of this cryptocurrency may be promising; however, it is essential to monitor the ongoing developments in the market.
