VanEck Teases Solana ETF Again As SOL Surpasses BNB for 4th Spot

Now that the spot Ethereum ETFs have traded for nearly every week on Wall Avenue, buyers are keenly eyeing the following crypto ETF and gunning for the second-largest altcoin Solana. Curiously, asset administration large VanEck is as soon as once more teasing the opportunity of introducing a spot Solana ETF.

Will VanEck Push for Spot Solana ETF?

Throughout the ongoing Bitcoin convention, VanEck not too long ago shared a tweet stating that numerous attendees inquired about Solana with them. As we all know, VanEck submitted its Solana ETF submitting within the final month of June even earlier than the spot Ether ETFs went dwell. The latest tweet from VanEck means that there’s a powerful curiosity within the altcoin and liquidity gained’t be a significant hurdle for the SEC to approve a Solana ETF.

A shocking quantity of individuals requested us about Solana at our Bitcoin sales space

— VanEck (@vaneck_us) July 27, 2024

Nevertheless, different asset administration giants like BlackRock should not a lot in help of getting extra Solana ETF or different crypto ETFs out there. Talking on the Bitcoin Convention, BlackRock Head of Digital Belongings Robert Mitchnick stated that the SEC could be drawing a line someplace. He added that other than Ethereum, all different altcoins contribute lower than 5% of the whole crypto market cap. Thus, he believes that it is senseless to have extra crypto ETFs out there.

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SOL Surpasses BNB for 4th Spot

Within the newest growth, Solana (SOL) has managed to surpass Binance Coin (BNB) because the fourth-largest cryptocurrency by market cap That is the primary time in 4 years that SOL has managed to overhaul BNB within the latest run-up.

Over the previous two weeks, the Solana Price has been on a stable restoration path gaining greater than 35%. In the identical interval, The Binance Coin (BNB) is up by 10%.

As of press time, the SOL value is buying and selling at 3.88% up at $182 with bulls holding firmly above the essential help stage of $175. Fashionable crypto analyst Rekt Capital said that Solana has managed to efficiently maintain above the help eyeing its subsequent transfer to $202 with the Solana TVL surging by 15% this month.

$SOL

Seems just like the Solana retest was profitable

Proceed to carry this crimson space as new help and SOL will be capable of no less than revisit the $202 resistance over time$BTC #BTC #SOL #Solana https://t.co/63TiOIipdR pic.twitter.com/WC1MC1iH2h

— Rekt Capital (@rektcapital) July 26, 2024

Additionally Learn: Bitcoin Price To Hit $13M, Michael Saylor Predicts Amid BTC Rally

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Bhushan is a FinTech fanatic and holds a great aptitude in understanding monetary markets. His curiosity in economics and finance draw his consideration in the direction of the brand new rising Blockchain Know-how and Cryptocurrency markets. He’s constantly in a studying course of and retains himself motivated by sharing his acquired data. In free time he reads thriller fictions novels and generally discover his culinary abilities.

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