The excitement in the altcoin market is at its peak! After the spot Ethereum ETFs, all eyes turned to Solana. The Solana ETF applications of giant companies like VanEck and the rise of the altcoin in the market are exciting investors. However, the different views of other players in the sector create uncertainty about Solana’s future.
All eyes on altcoin SOL!
The cryptocurrency market is at the center of attention of investors in light of recent developments. Spot Ethereum ETFs, which started trading on Wall Street last week, gave important signals about the future of the sector. Now all eyes are on Solana, the next potential ETF candidate.
Recent statements by VanEck, one of the leading asset management companies, reveal the interest in Solana. While it was stated that a large portion of the participants at the Bitcoin conference requested information about Solana, the Solana ETF application made by the company in June also draws attention. These developments show the popularity of Solana and that the necessary conditions have been created for a potential ETF in terms of liquidity.
Solana surpasses BNB
However, other players in the industry have different views. Giants like BlackRock argue that there is no need for more crypto ETFs in the market. The company’s head of crypto assets states that the contribution of altcoins other than Ethereum to the total market value is low and that the SEC may decide to stop it at some point. Amid these discussions, Solana has also risen in technical terms. After a four-year hiatus, it has moved to fourth place by market value, leaving Binance Coin behind. SOL, which has gained over 35% in the last two weeks, has overtaken BNB, which has increased by 10% in the same period.
According to data shared by popular crypto analyst Rekt Capital, Solana is holding above the critical support level of $ 175 and the upcoming target is seen as $ 202. In addition, Solana’s total locked value (TVL) has increased by 15% this month. As a result, Solana’s rise and a potential ETF approval are among the hottest topics on the crypto ecosystem’s agenda. VanEck’s initiatives and different views in the sector are among the factors that will determine the ETF approval process. Investors are trying to evaluate the opportunities by following these developments closely. Considering the volatility of cryptocurrency markets, investment decisions should be made carefully.
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