- SOL rallied 9% and hit $150 following VanEck’s SOL ETF application
- A market maker has since gone long on SOL, projecting its price could appreciate 8.9x.
The first US spot Solana [SOL] ETF application on 27th June by asset manager VanEck boosted crowd optimism on the SOL token. It rallied 9.4% during the intraday trading session on the same day.
However, unlike Bitcoin [BTC] and Ethereum [ETH], SOL doesn’t have a product based on future ETFs, which could affect the SEC’s approval.
But Bloomberg senior ETF analyst Eric Balchunas noted that things could change with a new administration.
‘If change at POTUS, I think anything possible…I see this filing as a call option on the POTUS election. Because the election happens but the 240 days the SEC has to ponder.’
SOL ETF to drive price 8.9x?
Balchunas’s sentiment was echoed by another policy watcher, Scott Johnsson, a finance lawyer at Van Burien Capital. Johnsson Read more…
