The overall cryptocurrency market is turning green, following the update of spot Solana ETF (Exchange Traded Fund) in the United States. On July 9, 2024, Nate Geraci the president of the ETF store made a post on X (Previously Twitter) stating that the Chicago Board Options Exchange (Cboe) has recently filed 19b-4s for both VanEck and 21Shares’ Solana ETFs with the Securities and Exchange Commission (SEC).
Cboe files 19b-4s for both VanEck & 21Shares Solana ETFs…Once SEC acknowledges these filings, the decision clock starts ticking. https://t.co/JsRBLjudyT pic.twitter.com/94RLLEiwbU
— Nate Geraci (@NateGeraci) July 8, 2024
Spot Solana ETF update by experts
Nate in his post also added that these filings mark a crucial step in the process, triggering the SEC’s review period. Once acknowledged, the SEC will begin its evaluation of these proposals for exchange-traded funds (ETFs) centered around Solana, a blockchain platform known for its focus on scalability and decentralization.
However, this move by Cboe highlights the growing interest in bringing crypto-based investment products to mainstream markets, potentially broadening investor access to digital assets like Solana through traditional financial channels.
Following Nate Geraci’s post, Bloomberg ETF expert Eric Balchunas also made a post on X, stating that Solana ETFs will have a final deadline of mid-March 2025. Additionally, Eric added that period between now and then November 2024, plays a crucial period due to the United States election. He also added that if Trump wins than anything is possible.
These both post on X gained notable interest from investors and traders in the community.
Solana price-performance analysis
Additionally, this post also impacted Solana (SOL) price as it surged more than 8% and price surge from $127 to $141 according to data from TradingView. Whereas, the trading volume surged more than 20%, indicating investors’ and traders’ participation following the ETF update.
If we look at the performance of SOL over a longer period, it has lost 5% of its value in the last 7 days. Whereas, in the last 30 days, SOL has experienced a price drop of over 12%.
According to expert technical analysis, SOL is looking bullish as it is trading above its 200 Exponential Moving Average (EMA) on a daily time frame. SOL above 200 EMA, indicating it is bullish on a longer time frame. Besides this, SOL is also experiencing bullish divergence as its Relative Strength Index (RSI) is in an oversold condition. With this recent ETF update, there is a high chance that SOL may hit the $160 level in the coming days.