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- SOL stock price rises 9% to $150 after VanEck filed for SOL ETF
- Since then, the market maker has been long on SOL, expecting its price to rise by 8.9x.
First American spot Solana [SOL] Asset management firm VanEck’s filing for an ETF on June 27 has fueled crowd optimism about the SOL token. It rose by 9.4% during the intraday trading session on the same day.
However, unlike Bitcoin [BTC] And Ethereum [ETH]SOL does not have a futures ETF-based product, which could impact SEC approval.
But Bloomberg senior analyst Eric Balchunas male Things could change with the new administration.
“If there is a change in POTUS, I think anything is possible…I see this registration as a call-in option in POTUS elections.” Because the election will happen but it’s 240 days for the SEC to think about it.
SOL ETF will push price to 8.9x?
Balchunas’ view was echoed by another policy watcher, Scott Johnson, a financial lawyer at Van Buren Capital. Johnson Added The Solana ETF can be approved without the need for a futures trading fund as happened with BTC and ETH.
“This SEC (and any other SEC led by another chair) will change the rules again when it is politically expedient.”
Convinced that the Solana ETF may be a matter of “when” rather than “if,” cryptocurrency market maker GSR has decided to “invest in SOL.” In a recent update, GSR announced male,
“With others having spot ETFs or on the cusp, it’s not only a matter of time that Solana will get one as well, but also the impact on SOL could be the largest yet… GSR is a long-term SOL.”
GSR estimated that ETFs could attract 2% to 14% of Bitcoin ETF inflows. According to the market maker, if the SOL ETF attracts 14% of BTC inflows, the price of SOL could rise by 8.9X in a bull case scenario (Blue Sky).
source: GSR Markets
What’s next for SOL?
Meanwhile, Thursday’s bullish rally saw SOL reach $150. However, it has also reached the 50-day EMA, which could be a key resistance level if crowd optimism wanes.
Source: Seoul/USDT, TradingView
As of press time, SOL has erased some of Thursday’s gains and is trading at $145. Santiment, a blockchain-powered intelligence data platform, was previously male SOL correction is likely after SOL ETF news.
“The rise in SOL is accompanied by traders’ fear of missing out, which means the likelihood of a continued rise is lower.”
