The post Solana (SOL) Price Poised for Massive Rally Following Ethereum ETF Launch appeared first on Coinpedia Fintech News
After years of waiting, the crypto community will celebrate the listing and trading several spot Ethereum (ETH) exchange-traded funds (ETFs) in the United States from today. Experts believe billions of dollars will proliferate the Ethereum ecosystem in the coming years.
Moreover, institutional investors will seek to diversify their crypto portfolios to maximize profits legally.
Ethereum Whales on the Move
The highly anticipated listing and trading of spot Ether ETFs has triggered heightened on-chain activity for crypto whale investors. For instance, a dormant whale account with about 977 Ether was activated in the past 24 hours after nine years.
The Grayscale team also seeded its new Mini ETH ETF with $1 billion after the U.S. SEC gave it the green light.
In the 9 days ahead of tomorrow's #Ethereum ETF launch, two giant whales deposited 25,865 $ETH ($89M) to CEX!1️⃣ Whale 0xbec moved 11,965 $ETH to #Binance at ~$3,457 ($41.4M) in the past 5 days.• Last action: 12hrs ago• Holding: 51,462 $ETH (~$180M)• Est. profit: $29.9M… pic.twitter.com/q4Cs8LhkX6
— Spot On Chain (@spotonchain) July 22, 2024
Meanwhile, on-chain data analytics firm Spotonchain identified two whales that deposited nearly 26k Ether, worth about $89 million, on different crypto exchanges.
Why Bet on Solana?
Ethereum ETF launch tomorrow is going to PUMP some coins.This is what I'll be watching closely:…
— Kyle Chassé (@kyle_chasse) July 22, 2024
According to veteran Bitcoin trader Kyle Chassé, the launch of spot Ether ETFs is a major bullish event for the entire altcoin industry. Moreover, Ethereum’s validation in the United States will pave the way for similar altcoin products in the coming years.
As Coinpedia reported, VanEck has already filed with the US SEC to offer a spot for Solana ETF. Consequently, Chassé remains confident that Solana will soon lead the highly anticipated altseason, fueled by a vibrant web3 ecosystem.
Solana’s price against the US dollar has pumped more than 23 percent in the last two weeks to hover around $174 on Tuesday during the early European session.
From a technical standpoint, the SOL price has already broken out of a micro-falling trend, and the aim is to retest its all-time high soon.
