**Breaking News: Solana ETF Set to Debut in Brazil**

The first spot Solana (SOL) exchange-traded fund (ETF) could soon start trading on Brazil's stock exchange, B3. This follows its approval by Brazil’s Securities and Exchange Commission (CVM) on August 7.

Manthan Dave, co-founder of Palisade, a Ripple-backed digital asset custody platform, believes this move could encourage other major economies to consider Solana-based ETFs.

Brazil has been a pro-crypto jurisdiction, introducing Bitcoin and Ethereum ETFs well before the US. With Solana ETFs already trading in Switzerland and Germany, the US market is eagerly awaiting its turn.

However, approval in the US might take longer, especially with the upcoming 2024 presidential elections. Dave suggests that a pre-election approval could significantly boost market sentiment, particularly given the Republicans' pro-crypto stance.

Alejo Pinto, former IBM blockchain growth lead, notes that while a US Solana ETF approval is uncertain, it could positively impact SOL’s price due to its low current probability.

Solana’s price target is speculated to hit $200, though it has been hovering around $145 for months. Despite reaching an all-time high against Ether (ETH), SOL is still 41% below its peak of $259 from November 2021.