Solana (SOL) is up 35% in 2024 and is at the moment the fifth-largest crypto by market cap. Final week, asset administration agency VanEck filed for the primary spot SOL exchange-traded fund (ETF) within the US, and the motion was shortly adopted by 21Shares. This information was sufficient to make SOL one of many best-performing crypto prior to now seven days among the many 20 largest by market cap.
Tristan Frizza, founding father of decentralized alternate Zeta Markets, sees a positive July for Solana and the crypto market as an entire. “Regardless of latest market fluctuations, the general crypto macro situations look sturdy, and we anticipate a constructive pattern to materialize within the coming months,” he shared with Crypto Briefing.
Frizza highlights Bitcoin’s dominance has dropped by greater than 5% prior to now few days, from 52.8% on June 25 to round 50% on the time of writing, which is a motion that sometimes encourages market diversification, driving traders to discover different digital belongings.
Subsequently, on this favorable panorama, the founding father of Zeta Markets said that Solana is poised to change into the third-largest crypto by market cap attributable to its “unmatched potential to deal with excessive transaction volumes with low charges, real-world use circumstances, and an especially lively ecosystem.”
“It’s a perfect atmosphere for each retail and institutional traders, particularly after VanEck’s software for the primary Solana ETF. This milestone clearly signifies SOL as the subsequent candidate for ETFs after BTC and ETH. It additionally opens up the opportunity of SOL being labeled as a commodity,” he added.
Though it’d take some time for the approval of a spot SOL ETF, this boosts a constructive outlook for the Solana ecosystem, which is able to “undoubtedly” proceed driving extra curiosity and utilization. “General, the potential for extra crypto-friendly administrations may very well be a tailwind for the market,” concluded Frizza.
