Solana ETF hype pushes SOL’s price by 18% – What’s next?

• Solana surpassed Bitcoin and Ethereum in positive factors, marking a robust Q3 begin.
• VanEck and 21Shares filed for Solana ETFs, influencing market sentiment.

The crypto market kicked off the primary day of Q3 on a constructive word, with Bitcoin [BTC] and numerous altcoins on a bullish trajectory.

Solana within the limelight

Solana [SOL], specifically, stole the highlight with a outstanding 7.50% enhance previously 24 hours at press time. This surge outpaced each BTC and Ethereum [ETH]. SOL costs rose by 18% during the last seven days as properly.

Curiously, the Solana memecoin market additionally displayed sturdy bullish momentum. In keeping with CoinGecko, the market cap of Solana memecoins on the first of July stood at $7.73 billion, reflecting a ten.4% enhance within the final 24 hours. 

Remarking on the identical, an X consumer – Borovik (previously Twitter) famous, 

“Welcome to the Solana cycle.” 

Solana ETF within the pipeline

This coincides with current filings by two asset administration companies, VanEck and 21Shares, who each filed to launch a spot Solana ETF final week. 

In keeping with reviews, on twenty seventh June, VanEck made a big transfer by submitting for a Spot Solana ETF with the U.S. Securities and Alternate Fee (SEC).

The next day, on twenty eighth June, 21Shares additionally filed for their very own Spot Solana ETF, growing hope amongst buyers for an upcoming SOL ETF.   

Impression on the upcoming US election

This information was met with a lot appreciation, particularly within the context of the upcoming presidential election, with the 2 candidates having opposing views on crypto.

Former President Donald Trump has been fairly vocal about his pro-crypto stance, usually expressing his help for the trade. In distinction, President Joe Biden has proven a relatively anti-crypto viewpoint, with fewer cases of favoring digital currencies.

Remarking on this, Van Buren Capital’s common companion, Scott Johnsson, famous that the information of an upcoming Solana ETF won’t be favorable for President Biden’s probabilities within the election, notably amongst undecided or marginal voters. He stated, 

Supply: Scott Johnsson/X

Nevertheless, not everybody was on the identical web page, as James Seyffart, ETF analyst at Bloomberg Intelligence, stated throughout an interview carried out earlier than 21Shares turned the second Solana applicant.

“I feel VanEck’s submitting is a form of name choice on the November election.” 

He added, 

“Underneath the present SEC administration – based mostly on years of prior approval and denial orders for crypto ETFs – a solana ETF ought to be denied as a result of there isn’t a federally regulated futures market. However a brand new admin within the White Home and a brand new SEC admin that’s extra amenable to crypto insurance policies might change that calculus.”

SOL’s worth motion

Regardless of blended sentiments, the information a few potential Solana ETF boosted SOL’s worth positive factors into double digits.

Present information traits additionally point out that SOL’s future stays promising, supported by Bollinger Bands signaling lowered volatility and sustained bullish sentiment.

Furthermore, the RSI above the impartial stage and trending upwards additional confirmed this pattern. 

Supply: TradingView