SOL Price Gains Significantly After First Solana Spot ETF Filing Submitted
Solana (SOL) price may rise as investor interest in this altcoin rises. The reason is that VanEck has submitted the first Solana ETF spot application to the Chicago Board Options Exchange (CBOE).
Following VanEck, 21Shares has also applied for Solana ETF spot. However, these applications will be approved by the US Securities and Exchange Commission (SEC) with a response deadline of mid-March 2025.
The chances of altcoins other than Ethereum getting approved for spot ETFs are low, as this would trigger a large number of applications for spot ETFs of other crypto assets. However, the approval of Ethereum ETF by the US Securities and Exchange Commission would set a precedent for altcoins, which was considered almost impossible by many investors.
The expectation of Solana ETF becoming a momentum may lead to the growth of SOL price. Solana's MACD (Moving Average Convergence Divergence) has recently experienced a positive phase, indicating stronger momentum in the market.
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At press time, Solana price is trading at 142 Mg, recovering from 126 Mg after testing that level for the first time in five months. The next hurdle for SOL is to surpass the 150 Mg resistance level and convert that resistance level into support.
