Solana Price Prediction as VanEck Files for Solana Trust – Can SOL Reach $10,000?
The Solana price has jumped by 7% in an hour, surging to $148 after major investment firm VanEck filed to launch a spot-based Solana exchange-traded funded.
VanEck’s filing follows the launch of its own spot Bitcoin ETF in January, as well as its more recent filing for a similar Ethereum ETF, which could launch in the next few weeks.
The news of its plans to operate a SOL ETF has sent the price of the altcoin flying, with the token now up by 8% in 24 hours and 7% in a week.
And while SOL is still down 13% in a month, the spread of VanEck’s news could push it much higher, with an eventual launch of the ETF helping it to reach all-time highs later in the year.
Solana’s chart almost speaks for itself, with the coin’s indicators moving into very bullish territory.
The coin’s 30-day average (orange) had already climbed over the 200-day (blue) yesterday, signalling an incoming breakout that has just happened in the past couple of hours.
Likewise, SOL’s relative strength index (purple) has shot from 45 earlier this morning to just over 80 today, a sign of some exceedingly strong buying pressure.
Indeed, the coin’s 24-hour trading volume has shot up to $3 billion on the news of VanEck’s move, with traders and investors racing to buy SOL before it gets too expensive.
I am excited to announce that VanEck just filed for the FIRST Solana exchange-traded fund (ETF) in the US.
Some thoughts on why we believe SOL is a commodity are below.
Why did we file for it?
A competitor to Ethereum, Solana is open-source blockchain software designed to… pic.twitter.com/XwwPy8BXV2
— matthew sigel, recovering CFA (@matthew_sigel) June 27, 2024
VanEck’s head of digital asset research, Matthew Sigel, has posted on X to explain why his firm believes that “SOL may
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