Coinspeaker Canary Capital Files Solana ETF, SOL Price Rally to $200 Soon?
On Wednesday, October 30, Canary Capital filed for a spot Solana SOL $176.2 24h volatility: 0.6% Market cap: $82.87 B Vol. 24h: $3.57 B ETF with the US Securities and Exchange Commission (SEC). This is the third major such filing from Canary after filing for crypto ETFs for XRP XRP $0.52 24h volatility: 0.4% Market cap: $29.58 B Vol. 24h: $1.06 B and LTC LTC $71.60 24h volatility: 0.7% Market cap: $5.38 B Vol. 24h: $314.52 M in the month of October.
As per the filing submitted by Canary, the spot Solana ETF will track SOL’s price via the Chicago Mercantile Exchange CF Solana index, which is a real-time price benchmark as per the investment firm’s S-1 registration statement.
If approved, the proposed Solana exchange-traded fund (ETF) will allow investors to access the Solana market using a traditional brokerage account without any potential entry barriers or direct risks associated with holding SOL.
Solana is widely viewed as the next cryptocurrency likely to receive SEC approval for a spot ETF, following in the footsteps of Bitcoin and Ether, which gained approval in January and July, respectively. Besides, the demand for an XRP ETF is also on the rise amid the ongoing settlement between Ripple and the US SEC.
But Canary is not the only investment firm pursuing a Solana ETF. Before this, even players like VanEck and 21 Shares had filed for US spot SOL ETFs back in the months of June-July. Furthermore, Franklin Templeton is also pursuing a similar ETF.
Note that Canary has not revealed the custodian for the spot SOL ETF or the ticker under which the fund will be listed.
Will Solana ETF Drive SOL Price to All-Time Highs
The Solana (SOL) price has been showing major strength recently with SOL beating the likes of BTC and other top altcoins during October. The SOL price is currently trading at $175, up by 12% over the past month.
Furthermore, Canary also highlighted that Solana has surpassed both Ethereum and Binance Chain in active address market share, even when including layer 2 chains.
Institutional investors and asset managers have increasingly taken notice of Solana, the fifth-largest cryptocurrency by market cap – a trend anticipated after the Bitcoin and Ethereum ETF launches in January and July. Solana’s blockchain features and high active usage have made it particularly appealing to asset managers.
Currently, the Solana price faces the first major resistance at $185. If it manages to pass this, SOL could see an immediate surge past $200 and further to its all-time high levels beyond $260.
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Canary Capital Files Solana ETF, SOL Price Rally to $200 Soon?
