The rumor mills dedicated web around the approval of Solana spot ETFs have already sent $SOL price soaring. The token crossed the $250 mark today, reflecting growing investor confidence in Solana’s long-term prospects.
Let’s examine why the approval of spot Solana ETFs would likely accelerate institutional adoption, leading to demand surges from traditional investors entering the market.
Solana Spot ETF Listing Rumors
Solana’s spot ETF approval is gaining momentum, with significant progress in talks between the SEC staff and issuers. Several prominent players, including VanEck and 21Shares, are competing to launch their first Solana spot ETF, as reported by Fox journalist Eleanor Terrett.
The SEC is actively engaging with issuers on S-1 applications, a critical step in the ETF approval process. There’s growing optimism that 19b-4 filings from exchanges could happen soon, with the SEC having a 240-day window to approve or deny the application.
Although prior attempts at spot ETFs were hindered under SEC Chair Gary Gensler’s administration, recent discussions, coupled with the potential for a pro-crypto administration in 2025, have fueled renewed optimism.
Insiders say there’s now a ‘good chance’ a SOL ETF could gain approval, a move that would mark a significant milestone for the crypto industry.
An approved SOL ETF could redefine the blockchain’s position in the market, attracting billions in fresh capital and setting a precedent for altcoin-focused ETFs.
With rumors of spot SOL ETF approval sending $SOL Price over $250, the momentum is carried over with the strong community support. The current price surge and momentum are likely to result in the $SOL price surging to over $300 before the month of November ends.
Polymarket is now the go-to for understanding possibilities in the market. Over 30% of odds favor $SOL price surging to over $300, and 55% of odds suggest $SOL will likely hit $275 according to users on Polymarket.
Current Price Surge and Momentum
At press time, the price for $SOL stands at $251.46 with a surge of 7.53%. The rumors for the Solana Spot ETF being approved have given a positive momentum to the token, and as predicted, the token has crossed the $250 mark in the last 24 hours time period.
Also Read: Will XRP Repeat 2017-like Breakout Pattern and Hit $7?
Source: https://www.cryptonewsz.com/solana-price-250-sol-etf-listing-300-next/