The price of Solana‘s (SOL) coin has recently exceeded $250, pushing its peak for 2024 even higher. This increase is linked to rumors from two sources familiar with the situation, suggesting a potential growth phase for the altcoin market, especially for SOL and Ethereum (ETH). In contrast, Bitcoin (BTC) remains within a narrow price range of $96,500 to $97,000.
How are ETF Applications Progressing?
Recently, Fox Business reporter Eleanor Terrett shared news that has generated excitement among SOL supporters. Anticipation surrounding the approval of pending Exchange-Traded Fund (ETF) applications has been heightened, especially in light of Gary Gensler’s resignation. Insiders report that the current administration is actively working to expedite the process.
What are the Next Steps for SOL ETF?
According to Terrett, the advancement of S-1 forms for a SOL Spot ETF indicates that significant progress is being made. Sources have hinted at forthcoming 19b4 applications, which are crucial for advancing the ETF approval process with exchanges. Currently, several firms, including VanEck and 21Shares, have initiated their ETF applications, and Bitwise has plans to do the same.
- Recent boosts in SOL prices signal positive market sentiment.
- Insider information suggests a potential ETF approval timeline by 2025.
- Pending applications are gaining traction under a more crypto-friendly regulatory environment.
As developments unfold, stakeholders are optimistic about the future of SOL, with hopes for a favorable response from the SEC regarding ETF applications. The collaboration of crypto-friendly regulations and ongoing applications could provide a significant boost to Solana’s market status in the near term.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Source: https://en.bitcoinhaber.net/will-solana-etf-approval-happen-soon