Solana
Solana Spots ETF Next If Ethereum ETF Approved: Analyst
With the growing approval of crypto ETFs, it appears Solana could be next in line for a spot ETF.
Recent Speculation About Spot Approval Ethereum ETFa financial instrument that tracks the price of Ethereum, has not only increased that of Ethereum (ETH) price but also generated significant interest in Solana (GROUND) as a strong candidate for ETF consideration. If the trend of crypto ETF approvals continues, Solana looks set to create a spot ETF.
The Solana spot ETF is next on the list
Daniel Yan, co-founder of Matrixport, suggested on that a strategic investment opportunity in ETFs presents itself for investors. Citing Bitcoin’s 15% drop after ETF Approval, Yan suggested a better trade: “A better trade that I will advocate is: “BUY SOL/ETH”. This may seem absurd and definitely unpopular. The reasons are: 1) SOL will be the next number 1 if the ETH ETF is approved.
The price of Ethereum has climbed more than 20% in the past 24 hours, which has had a positive impact on the broader altcoin market. Most major cryptocurrencies, such as Solana and XRP, also saw significant gains today.
Bigger profits with less competition
In his X article, Yan noted that Solana is the next ETF due to the historical trend seen in the market, where the approval of a Bitcoin ETFs has led to increased attention and investment in Ethereum. Yan alluded that if Ethereum gets approval for an ETF, it could also lead to increased interest in Solana, which could cause its price to rise.
Yan suggested investing in Solana instead of Ethereum as it could offer more promising business opportunity with greater earning potential. There is less competition in the Solana market, which indicates a higher profit possibility than that of Ethereum. This is especially true if investors begin to focus on Solana after positive developments in the Ethereum market. This change would come in the near future, after the SEC’s decision on an Ethereum ETF.
The SEC’s next deadline to rule on a spot Ether ETF is May 23.
At the time of writing, SOL was trading at $176.08.