Solana [SOL], one of the most promising platforms, is generating significant buzz in the cryptocurrency community. Brian Kelly from CNBC’s ‘Fast Money’ recently stirred discussions that Solana could be the next cryptocurrency to secure a spot exchange-traded fund [ETF] in the U.S. This prediction was made during the post-market talk show just before the U.S. Securities and Exchange Commission [SEC] was set to decide on several proposed spot Ether [ETH] ETFs.
Kelly’s assertion that Solana might be the next major candidate for a spot ETF underscores the increasing prominence of SOL in the market. He said,
“The trade now is, who’s next. You’ve got to think about Solana as probably the next one. Bitcoin, Ethereum, and Solana are probably the big three for this cycle.”
His viewpoint emerges at a time when the market is closely monitoring the SEC’s stance on crypto ETFs, which could have a significant impact on the sector.
Also Read: 3 Solana Token Gems to Invest in For Big Gains
Current Market Landscape
Despite Kelly’s optimistic forecast, SOL’s market performance has been somewhat muted. At press time, SOL was trading at $177.58, experiencing a 2% daily drop rather than the expected surge. This situation raises doubts about whether Solana can achieve the $200 mark by the end of May 2024.
According to Changelly, a prominent crypto exchange and prediction platform, reaching $200 by the end of May 2024 may be challenging for Solana. Their analysis further predicts SOL trading at a high of $184.25 in the last week of May. While this indicates growth, it falls short of the $200 target. Regardless of whether Solana hits $200, its expanding ecosystem and rising recognition indicate that it remains a significant player in the crypto market.
Also Read: Is the Saga Phone Limited to the Solana Blockchain?