Solana Could Surge Above $1200 With Spot ETF Approval: Report

Solana SOL

Market maker GSR has predicted that Solana would surge as high as $1200 and above if its spot ETF is approved soon. 

Currently holding the third position on the cryptocurrency list, Solana is poised to join the league of Exchange-Traded Funds (ETFs) after the successful approval of Bitcoin (BTC) and Ethereum (ETH) spot ETFs in the United States. With the positive impact of these approved ETFs in mind, Market maker GSR anticipates an even more impressive performance from Solana (SOL), projecting a potential price surge of over 8.9x upon the approval of a Solana Spot ETF.

Solana Spot ETF Approval Coming Soon

Solana, a proof-of-stake blockchain network, stands out for its performance and mass adoption capabilities. Its affordable transaction charges have made it accessible even to middle-class crypto users, contributing to its growing popularity. Moreover, its appeal is further enhanced because many crypto projects have migrated to Solana, with upcoming tokens and decentralized applications (dApps) launching directly on the network. 

Since its launch in 2020, Solana networks token SOL has had remarkable success in the crypto market, and investors are looking forward to further positive news soon. 

Anticipating the Approval of the Solana Spot ETF The cryptocurrency community is buzzing with excitement over the impending approval of the Solana Spot ETF. This development could be a game-changer for Solana and the entire cryptocurrency market.

On Thursday, U.S. Asset Manager VanEck filed for a Solana spot ETF named VanEck Solana Trust that, if approved, would trade on the Chicago Mercantile Options Exchange (CBOE). SOL surged by about 8% following the announcement as investors look forward to its approval soon.

GSR predicted Solana’s price reaction to an ETF approval, saying, “Solana may increase 8.9x under the blue sky scenario.  Moreover, there are reasons to believe the impact could be higher than these estimates since, unlike BTC, SOL is actively used for staking and within decentralized applications.”  

However, According to Bloomberg ETF analyst Eric Balchunas, a change in the administration and leadership of the Securities and Exchange Commission (SEC) might foster the approval of a spot Solana (SOL) ETF. He said, “The odds of a Solana ETF being approved in the next 12 months are tied at the hip to the odds of a change in POTUS.”