After Bitcoin ETFs were approved in January, VanEck filed to establish a Solana spot ETF in the US. The asset manager calls Solana "a commodity, like Bitcoin or Ether." Solana rises almost 10% after the filing.
Following Van Eck's registration of the first Solana ETF in the US, Solana (SOL) rose 8.2% on Thursday.
The firm's head of digital assets research, Matthew Sigel, tweeted the decision alongside an S-1 registration form for an investment trust with the US Securities and Exchange Commission.
Van Eck, who filed the first Ethereum ETF in 2021, may mark a trend as spot Bitcoin and Ethereum ETFs may lead to other US crypto ETFs. The SEC formerly classified SOL as a security.
“SOL’s decentralized nature, high utility, and economic feasibility align with other established digital commodities, reinforcing our belief that SOL may be a valuable commodity with use cases for investors, builders, and entrepreneurs looking for alternatives to the duopoly app stores,” Sigel said.
Solana rose 8.2% Thursday to $147.96.
ETF announcement enhances Solana pricing outlook. Solana pricing burst out of a falling channel pattern on Tuesday, surging 8.2% on Thursday to $147.96 after Van Eck filed the first Solana ETF. Swing lows and highs from June 6–25 revealed this channel pattern.
SOL might climb 14% to retest its weekly resistance level at $172.93 if it closes over $151.79, its June 17 daily high.
The daily RSI is rising from an oversold state and trying to break above 50. However, the Awesome Oscillator (AO) remains below mean zero. If bulls are making a return, both momentum indicators must stay over neutrality. This would boost the rebound rally.
