📈 #Solana: Could a $SOL ETF in Canada lead to approval in the US? 🔥

🔹 Digital asset manager 3iQ has recently filed to list a Solana exchange-traded product (ETP) on the Toronto Stock Exchange, leading many to wonder whether a SOL ETF in Canada could precede the approval of this investment vehicle in the US Solana has become a favorite after two cryptocurrency-based ETFs were approved this year.

🔹 3iQ announced the filing of "a preliminary prospectus for The Solana Fund (QSOL) in Canada," in an IPO. Additionally, the firm stated that the decision reaffirms its "history of innovation," with the approval that would lead to SOL's first ETP in North America.

🔹 In the last 30 days, Solana has fallen more than 27% according to CoinMarketCap. The token has suffered an overall market decline as it struggles to maintain the price of $130. Its charts have also shown a bearish trend, with its price below the 50-day and 200-day exponential moving averages.

🔹 However, this has not diminished the asset's potential to follow in the footsteps of Ethereum and Bitcoin and become the third cryptocurrency-based ETF in the US. With the possibility of seeing an ETP in Canada, many traders are wondering if a eventual approval of the SOL ETF would lead to similar authorization in the US.

🔹 Bloomberg analyst Erich Balchunas wondered why more companies haven't taken a similar approach. He commented that Trump's re-election could lead to a more pro-crypto government, which could result in more tokens for spot products.

🔹 The news of the SOL ETP did not significantly impact the price of the asset. In the last 24 hours, it is still down more than 3%. The asset's price could rise if enthusiasm for the ETF begins to gain momentum. The approval of the Bitcoin Spot ETF led the asset to reach a record price of $73,000 in March.