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In a recent strategy session, InvestAnswers discussed the significant news about the Solana (SOL) ETF filing by VanEck, shedding light on why this development is critical for Solana and its potential impact on the market. Following the news on Thursday, the Solana token went up 8% to about $147.95. It’s up 42% so far this year.
However, doubts hover over whether the current administration will approve it. Notably, Senior Bloomberg ETF Analyst James Seyffart predicts that a Solana ETF could hit the market by 2025.
Solana’s Surged 740%
Solana has seen remarkable growth, emerging as a top-performing smart contract platform (SCP). Over the past year, Solana’s value has increased by 740%, outperforming other major cryptocurrencies like Bitcoin (99%) and Ethereum (80%).
In just 24 hours, Solana’s price has gone up, with holders expecting a break through $150. Solana is up 9.3% to $148.3 and 10.5% weekly.
Why VanEck Backs Solana
VanEck’s Solana ETF, if approved, will list on the Cboe BZX Exchange, first in the U.S. InvestAnswers says VanEck sees Solana as a commodity due to its utility in the ecosystem, used to pay for transaction fees and computational services on the Solana blockchain. Solana’s design handles various applications, focusing on payments, DeFi, gaming, and social media.
When Sol ETF Expected?
While the market is buzzing an early approval, James Seyffart suggests that the Solana ETF might only get a chance to launch in 2025. This would depend on changes in the White House and the SEC. Right now, the current administration makes it hard for new ETFs to get approved.
SOL ETF Impact on Crypto Prices
According to the analyst, Solana ETF inflows could lead to price multipliers projecting targets of $799, $1,123, and $1,772, reflecting ROIs of 432% to 1,181%. VanEck’s bullish projection for Solana by 2030 is $3,211 per token, aligning with potential ETF impacts.
Solana Projects on Roll
At present Solana ecosystem is making waves. Helium and HiveMapper are scaling rapidly, with HiveMapper mapping 1/5 of the world’s roads. Jupiter’s Giant Unified Market (GUM) platform aims to manage tokenized assets on Solana, including stablecoins, real estate, commodities, yield markets, meme coins, and shares. Blinkx enables transactions through URLs, making it user-friendly. Other notable projects include SolFlare, Code, Breeze, Sling, TipLink, Autocash, Jupiter, Cube, Drift, Zeta, Squads, Forecaster, and a partnership with UFC and Block Asset.
What’s Next?
With traditional investors increasingly drawn to these ETFs, attention has now shifted to Ethereum ETFs expected to debut this year. The recent filing for a Solana ETF by VanEck could signal a similar trajectory for Solana, potentially paving the way for further ETF products in the market.
Analysts like Seyffart suggest that major firms such as BlackRock, Grayscale, and Franklin Templeton might follow suit, leading to a new phase of growth for SOL.