With the prospect of a Spot Solana ETF never being closer for the cryptocurrency market, can an approval push SOL to a price of $500? Despiite, facing a slight correction Wednesday, the fifth largest cryptocurrency by market cap, had been winning the day. Now, all eyes are on just where the token could go.
With two crypto-based ETFs approved last year, the market anxiously awaited what tokens could be next. As Donald Trump has taken up the Oval Office, a new administration could have a third approved fund as just a matter of time. But the biggest question is, what would it mean for the token’s price?
Also Read: Donald Trump Eyes Strategic Reserve for Coins Like Solana, XRP
Solana ETF Looks Closer Than Ever: What Will It Mean for SOL?
In 2024, the digital asset market made history with the debut of not one but two crypto ETFs. Bitcoin led the way, being called the “greatest launch in ETF history.” With $11.5 trillion asset manager BlackRock leading the way, the investment vehicle proved immensely successful.
But just what toenk could be next? All eyes are seemingly on the arrival of a Solana ETF, with massive implications in store for SOL. The network was recently used by Donald Trump to launch his TRUMP meme coin. Skyrocketing 28,000%, it proved to be a massive success for the current US President.
Also Read: Solana Predicted to Return to $200 After 14% Drop: Here’s When
That makes the process of a Solana ETF that much more convincing. Indeed, Trump placed pro-crypto Mark Uyeda as acting US Security and Exchange Commission (SEC) Chair. Moreover, one of his first orders of business was to institute a crypto task force. Their purpose is to revamp crypto policy and regulation in the country.
All eyes are on SOL as the next in line. So, what would an ETF mean for the cryptocurrency price? Well, crypto price prediction platform CoinCodex expects massive things if the product is to be approved.
The platform projects Solana to mainly stay within its current price position. However, they expect things to turnaround massively in July. Randomly, they project SOL to skyrocket 102% from its current position to trade at a $520 price. The forecast is likely connected to the potential arrival of a Solana ETF this year.