VanEck Files for a Solana ETF in the US, SOL Price Spikes on the News

Solana has been gaining some traction recently, marked by its recent adoption and technological advancements. These developments have set the stage for VanEck's filing for a Solana exchange-traded fund (ETF) in the United States.

Solana has been making waves in the crypto world with its recent adoption and technological advancements. Now, the stage is set for VanEck to file for a Solana exchange-traded fund (ETF) in the United States.

To add to the excitement, Solana recently introduced Solana Actions and blockchain links, also known as "blink." This new feature allows users to execute Solana transactions directly from any website or application that can display a URL.

Asset management firm VanEck has filed to offer shares in a Solana ETF, marking the first such registration in the U.S. The S-1 registration form, submitted to the Securities and Exchange Commission (SEC), spurred an over 9% increase in Solana's 24-hour price.

This move by VanEck comes hot on the heels of 3iQ's similar filing in Canada. According to Matthew Sigel, VanEck's head of digital assets research, SOL is considered a commodity, much like Bitcoin and Ether. VanEck's decision to pursue a Solana ETF is driven by the blockchain's scalability, speed, and low-cost transactions.

The SEC's approval of the first spot Bitcoin ETF in January 2024 set a new tone in the market, with an Ether ETF also on the horizon. Analysts anticipate net inflows of $5 billion within the first five months of its launch.

Given Solana's similarities to Ethereum, it's no surprise that experts suggest it could be the next cryptocurrency to be featured in such funds. However, the prospects for a Solana ETF may hinge on the outcome of the 2024 U.S. elections.

According to analysts like James Seyffart from Bloomberg Intelligence, significant regulatory shifts may only materialize if a new administration takes office, potentially delaying the launch of a Solana ETF to at least 2025.

In response to the ETF news, SOL price briefly spiked above $151 for the first time since June 17 before paring some of its gains. At the time of writing, SOL trades at $149.

This price action adds to the token's impressive rally, with SOL posting gains of over 23% WTD so far on June 27. The 50-day EMA (purple wave) continues to serve as a dynamic resistance for the Solana token. Despite the SOL ETF news, the token appears to have encountered resistance at this level.

If the rally falters, the Solana token price could drop to support near $134. A breach of this support would see the SOL price heading toward support at $123 before recovering.

On the technical front, the RSI for SOL remained comfortably neutral, clocking in at 51.69 on the daily charts. This leaves ample room for an uptrend if the Solana ETF news continues to attract more buyers. An uptrend could also help Solana confirm a bullish technical setup known as the falling wedge.

The above is the detailed content of VanEck Files for a Solana ETF in the US, SOL Price Spikes on the News. For more information, please follow other related articles on the PHP Chinese website!