Cryptocurrency-based ETFs have taken center stage after the SEC approved Bitcoin (BTC) and Ethereum (ETH) ETFs in 2024. Solana (SOL) is a major crypto project that could soon have an ETF approval from the financial watchdog.
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Solana ETF Right Around The Corner?
The SEC recently acknowledged Grayscale’s SOL ETF application amendment. Bloomberg ETF analyst Eric Balchunas called the move a “notable” development. The SEC had previously refused to acknowledge Grayscale’s SOL ETF amendment. The move aligns with the pro-crypto stance of the current US administration.
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Balchunas and fellow Bloomberg ETF analyst James Seyffart believe XRP, Solana (SOL), Dogecoin (DOGE), and Litecoin (LTC) have good chances of securing ETF approvals. The move could lead to a significant price spike for the respective assets.
Elon Musk’s Grok Predicts The Asset’s Price After ETF Approval
X’s Grok AI gives three outlooks on Solana’s (SOL) price after an ETF approval. In its optimistic forecast, the AI platform anticipates SOL to hit a high of $5000. Hitting $5000 from current price levels will entail a rally of about 2347.14%. The platform anticipates an increase in institutional investment, leading to a price spike.
In its moderate forecast, Grok anticipates SOL’s price hitting $1290. Reaching $1290 is also quite a jump from its current price levels. Hitting $1290 from current prices will lead to a 531.36% rally.
In its bearish projection, Grok anticipates Solana (SOL) hit $200. Reaching $200 would lead to a dip of about 2.03%.
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It is unclear when a spot Solana (SOL) ETF will be approved. Despite the lack of clarity, there is a high chance that we will see the approval of many crypto-based ETFs in 2025. The move could lead to a market-wide rally.