With the potential approval of a spot Ethereum ETF on the horizon, speculation is growing that Solana (SOL) might be the next cryptocurrency to gain approval for a spot ETF. Recent developments have driven up the price of Ethereum (ETH) and sparked significant interest in Solana as a promising candidate for ETF consideration.
Solana Spot ETF ‘Next in Line’
Daniel Yan, co-founder of Matrixport, took to X to suggest that a strategic ETF investment opportunity is emerging for investors. Yan pointed out that following Bitcoin’s 15% decline after its ETF approval, a better trading strategy might be to invest in Solana over Ethereum. He argued, “A better trade I will argue for is: ‘BUY SOL/ETH’. This may sound absurd and definitely unpopular. Reasons are: 1) SOL will be the No.1 next in line if ETH ETF gets approved.”
Ethereum’s price has surged over 20% in the past 24 hours, positively impacting the broader altcoin market. This surge has led to significant gains for major cryptocurrencies, including Solana and XRP.
Bigger Profits Amidst Less Competition
Yan noted in his post that Solana is poised for an ETF due to historical market trends, where the approval of a Bitcoin ETF led to increased interest and investment in Ethereum. He suggested that if Ethereum secures ETF approval, it could shift investor focus to Solana, potentially causing its price to rise.
Yan advocated for investing in Solana instead of Ethereum, citing the potential for higher returns due to less competition in the Solana market. He believes that Solana may offer more promising trading opportunities and greater potential for gains. This shift in investor focus could occur following the SEC’s decision on an Ethereum ETF, expected soon.
The SEC’s deadline to rule on a spot Ether ETF is May 23.
At the time of writing, Solana is trading at $176.08.
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