The SEC has quickly received two Solana ETF applications, including one from 21Shares with Coinbase as custodian, indicating strong market momentum despite Solana's network challenges and a crucial $150 price resistance.
Key Insights
Two applications for Solana ETFs have been filed with the SEC, both processed much faster compared to Bitcoin and Ethereum ETFs.
This week, 21Shares submitted a spot Solana ETF application, with Coinbase serving as custodian and assets held in separate Solana wallets.
Similar to Ethereum, the Solana ETF will not engage in staking and will focus solely on holding Solana.
Issues with the Solana network, such as outages and centralization, could impact the ETF's success.
Solana's price surged following the ETF news but still faces significant resistance at $150.