Solana Price Forecast: Can SOL Beat XRP to Secure ETF Approval?
In the race for cryptocurrency ETF approval, Solana stands out with promising prospects, potentially edging ahead of XRP. At the moment, Solana’s price stands at $179.82, with a notable 24-hour trading volume of approximately $3.28 billion.
Over the last day, Solana has appreciated by 6.75%, pushing its market capitalization to nearly $83.55 billion and securing the fifth rank. The circulating supply of Solana is 464.61 million SOL coins.
The contest for the first cryptocurrency ETF approval is intensifying, with Solana and XRP at the forefront. Solana appears to have a smoother path toward approval compared to XRP, which is currently entangled in legal issues with the SEC.
As the cryptocurrency market evolves, these developments highlight significant investor interest in regulated crypto exposure.
At the Bitcoin Conference 2024, BlackRock’s Robert Mitchnick expressed skepticism regarding the immediate approval of Solana and XRP ETFs.
Citing their nascent market positions relative to established players like Bitcoin and Ethereum, Mitchnick pointed out the challenges of regulatory acceptance due to their current market maturity and liquidity levels.
“Altcoins need to demonstrate substantial market cap and regulatory compliance to meet ETF criteria,” Mitchnick explained.
Conversely, Nate Geraci, President of The ETF Store, showcased a more optimistic view based on successful cryptocurrency ETPs in Europe. He suggested that with the appropriate regulatory adjustments, the U.S. could see similar successes.
“European markets have shown that with proper regulation, cryptocurrency ETPs can flourish,” Geraci noted.
Matthew Sigel from VanEck highlighted Solana’s potential due to its technological strengths and market acceptance.
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