- SOL jumped by almost 10% after VanEck filing went live.
- Solana bulls and the overall crypto market outlook are optimistic, pinning SOL’s price at $1320 in a few months.
Since the beginning of the year, the cryptocurrency market has seen crypto ETFs take root in American markets. Asset manager VanEck has now filed to sell a Solana (SOL) exchange-traded fund (ETF). VanEck’s SOL ETF filing is the first in the U.S., while 3iQ filed for a similar product in Canada.
Solana price surges double digits in 24 hours
Soon after the news of VanEck spot Solana ETF filing, the Solana price surged to $150, making double-digital gains. At the time of writing, Solana is worth $145.17. The price notes a 0.2% decline from an hour ago and a 4.9% spike in the last 24 hours. Today’s SOL value is 9.9% higher than 7 days ago.
Crypto market analysts predict that SOL will run well once the ETF is approved. James Seyffart, Bloomberg’s popular ETF Analyst, predicts that Solana ETF might enter the market by 2025.
Seyffart adds that the ETF ” Will be interesting to see if other issuers immediately follow suit. Early thoughts are that this only has a shot to launch sometime in 2025 if we have a new admin in the White House and SEC. Even then not guaranteed.”
Solana is projected to trade above $1300
Crypto market analysts predict that SOL’s price will hit $1,320. GSR Markets named Solana one of “crypto’s big three,” adding that SOL could draw 14% of Bitcoin ETF flows.
According to a GSR Markets report, they expect an 8.9x increase in Solana’s price. In its optimistic scenario, Solana’s $149 price would rise to over $1,320, leading to a $614 billion market valuation.
In the “bear” and “baseline” scenarios, spot Solana ETFs would take in 2% and 5% of Bitcoin flows, respectively, raising Solana’s price by 1.4x and 3.4x.
After the Bitcoin ETF was approved, market elites made six-figure predictions. Cathie Wood, ARK Invest founder and CEO, predicts that the Bitcoin price will soar to $3.8 million due to ETFs. However, BTC and ETH have failed to live up to their predictions tied to ETFs. Will Solana’s journey repeat history? Only time will tell.