Spot Bitcoin ETF has entered the market, and the pace for Spot ETH ETF is now accelerating. VanEck expects the US SEC to approve or reject its first application shortly. Speculation about the next cryptocurrency making a similar wave has taken center stage. It pertains to Solana, and the community is expecting a Spot Solana ETF to make its debut after the market has welcomed the Ether ETF.
However, two sides are emerging, with one side backing the speculation and the other calmly briefing that it could take longer for Solana ETF to actually get approval from relevant authorities.
Brian Kelly, the founder and chief executive officer of BKCM Digital Asset Fund, has said that it is only natural for the Solana ETF to happen, for there are three big tokens in the market at the moment: Bitcoin, Ethereum, and Solana.
Nate Geraci, the president of the ETF Store, refutes that optimistic speculation. Nate has expressed skepticism by stating that a Solana ETF may not materialize, adding that it requires a futures contract or a suitable regulatory framework to become a reality. His sentiment has been echoed by James Seyffart, an ETF analyst at Bloomberg.
James has said that it could take years for Solana ETF to happen, further stating that it was contingent upon regulatory milestones, including, but not limited to, getting approval from the CFTC (Commodity Futures Trading Commission).
Alternatively, FIT21’s approval could boost the likelihood and speed of the said ETF product’s platform listing.
Additionally, Solana is confronted with the genuine challenge of being classified as a security by Gary Gensler, the SEC Chair, who made this determination in litigation against Coinbase and Kraken. Such negative speculations have done more harm than good to SOL. The token is now down to $170.30, plummeting by almost 5% in the last 24 hours. The resistance of $178 was anticipated to be tested, and the price was expected to elevate to $180. A reversal pattern is more prevalent than it should be.
Adam Cochran, a partner at Cinneamhain Ventures, has gone a bit beyond by saying that Litecoin (LTC) and Dogecoin (DOGE) may end up beating Solana in the race to host an ETF product.
Speculation around Solana ETF is nevertheless strong, for many believe that it could bag better numbers than BTC ETF and ETH ETF (if and when approved). Plus, no applicant has come forward demonstrating an intention to launch SOL ETF any time soon. That could be in the works backstage, but there is nothing in front of the public yet.
Simply put, Solana ETF could become the third product on the market after Bitcoin and Ethereum. Industry experts believe that LTC and DOGE stand a better chance for early approval. Additionally, a section of the ecosystem is looking at the price chart fluctuation.
