- Solana (SOL) is preparing to take center stage in the crypto market with a Solana spot ETF ready to debut in North America.
- Despite SOL emerging as an institutional favorite, the altcoin has come under bearish pressure in recent weeks.
Solana (SOL) investors are celebrating another landmark victory for the cryptocurrency. According to reports, SOLWealth, a federal organization based in Canada, is preparing to launch a Solana spot ETF. Since the introduction of a Bitcoin spot ETF, there’s increased interest in crypto ETFs but the U.S. SEC is yet to approve an ether spot ETF or indeed any other altcoin ETF.
Canada, which approved a Bitcoin spot ETF well before the U.S. could be on the verge of getting ahead of the curve by approving a Solana ETF. SOLWealth hopes to take advantage of the positive momentum being enjoyed in crypto ETFs. Institutional investors have shown a keen interest in the industry with risk appetite pointing to coins beyond Bitcoin.
Speaking on the development, SOLWealth CEO Francois Soto stated:
We have methodically prepared our application to register the firm as Investment Fund Manager. We are also in the process of finalizing partnerships with suppliers to support our efforts, as an ETF involves collaboration with multiple parties,
As CNF reported, SOL emerged as an institutional investor favorite altcoin in 2023. The trend has continued to 2024 with a recent report highlighting the growing optimism surrounding Solana. In a survey of 64 investors collectively managing assets worth $600 billion, nearly 15% of surveyed investors disclosed investments in SOL.
The Solana project’s superior technology, forged partnerships and growing adoption has made it a gem of an asset for investors. In recent months, the network has enjoyed interest due to rising NFT interest, the memecoin frenzy, phenomenal adoption growth, and the stablecoin transaction surge.
However, its network outage continues to raise concern among enthusiasts. There’s also increasing concern about its regulatory status after the U.S. SEC named the altcoin in its case against Coinbase. The regulator alleges the firm acted as an unregistered exchange, broker, and clearing agency, naming Solana (SOL) as one of the offered assets.
SOL was anticipated to record a remarkable rally after the halving. Coincodex, a crypto data platform, anticipated SOL will spike 227% in April to hit $615. Changelly predicted SOL would end April at $580 and set a monthly high at $626 on the first day of May.
At the time of writing, SOL is trading for $123 after a 6% plunge in the last 24 hours. The losses are a common trend in the wider market, sparked by the sentencing of former Binance CEO Changpeng Zhao “CZ.” His sentencing to four months in prison has stirred jitters among traders and users of Binance, the leading crypto trading platform by volume. SOL investors will look to defend the $120 position if they are to maintain their long-term bullish outlook. In the meantime, smart investors will be taking advantage of the dip to accumulate tokens.
