Is Solana the next cryptocurrency to have its own ETF?

Solana Attack

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IMPORTANT POINTS:The market believes the SEC will approve Ethereum spot ETFs, while analysts debate whether Solana will be next. Cryptocurrency investor and trader Brian Kelly stated on CNBC that SOL is the coin most likely to have an exchange-traded fund, after ETH. However, the price of SOL registers a sharp drop of almost 5% in the last 24 hours, to trade close to 173 USD.

While the SEC could announce this Thursday whether it approves or rejects Ethereum spot ETFs, the market is already beginning to think about who will be the next cryptocurrency to have its exchange-traded fund. A great debate on this topic was opened on CNBC‘s Fast Money program and Brian Kelly, cryptocurrency investor and trader, highlighted that Solana would be the next to own an ETF.

Bitcoin, Ethereum and Solana are probably the big three of this cycle,” he clarified. 

Why could Solana be next?

It should be noted that there is some similarity between Ethereum and Solana. Both blockchains have smart contract capabilities that operate with a proof-of-stake (PoS) consensus mechanism, albeit combined with their own proof-of-history (PoH) mechanism.

That is why some analysts believe that if the SEC gives the green light to Ethereum ETFs, Solana could undoubtedly be next.

Furthermore, the cryptocurrency is fifth in the market capitalization ranking with a valuation of almost $78 billion.

Despite this, SOL was down almost 5% in the last 24 hours to $173.

Bloomberg ETF analyst James Seyffart and Nate Geraci, president of The ETF Store, agreed that before having a spot ETF, Solana should have a futures product, just as it first did with Bitcoin and Ethereum.