Solana Next in Line After Ethereum ETF Approval: Matrixport Co-founder
Release: 2024/05/21 18:35 Reading: 504
The broader crypto market has surged today on the back of buzz surrounding the potential approval of the Spot Ethereum ETF by the U.S. SEC. However, amid this excitement, Matrixport co-founder Daniel Yan's recent comments have ignited discussions over Solana and its potential impact on the SOL price movements. In addition, it has also fueled speculations and buzz over Solana ETF in the U.S.
Ethereum ETF Optimism Boosts Solana Prospects
Ethereum's price has skyrocketed nearly 20% in the past 24 hours, driven by optimism over the potential approval of a Spot Ethereum ETF. Daniel Yan, co-founder of Matrixport, shared his insights on this market development.
In a recent X post, he suggested that while the popular trade might be to buy Ethereum, investors should consider buying Solana (SOL) against Ethereum (ETH). Notably, Yan highlighted three reasons for this strategy: Solana could be the next candidate for an ETF, the ETH/BTC pair gained 12% after Bitcoin's ETF approval, and this trade is not crowded yet as compared to Ethereum's recent surge.
In addition, he also emphasized that the Bitcoin price has gone through a volatile phase after the U.S. Spot Bitcoin ETF approval. Combining the historical sentiment along with the recent surge of around 20% in Ethereum price, he has advocated for the "BUY SOL/ETH" trade.
Meanwhile, Yan's perspective comes at a time when senior Bloomberg analysts have raised their estimates for Ethereum ETF approval to 75%, up from 25%. This increased likelihood follows the U.S. SEC's push for issuers to update their 19b-4 filings, signaling strong regulatory progress.
In other words, the anticipation of an Ethereum ETF has not only boosted Ethereum but has also positively impacted the broader altcoin market. Most of the major cryptos like Solana, XRP, and others, have followed suit, noting robust gains today.
Also Read: Pepe Coin Trader Who Made 107,000x Profit Shifts Focus To This Coin
What's Next?
The potential approval of the Ethereum ETF has fueled a significant rally across various digital currencies. On-chain analytics firm Santiment noted a widespread increase in market cap, reflecting the ripple effect of Ethereum's bullish trend on the entire crypto market.
Meanwhile, this broader market optimism has also left investors speculating about which cryptocurrency might be next in line for similar regulatory approval.
Solana, often dubbed the "Ethereum killer" for its high-speed and low-cost transactions, is gaining attention as a strong contender. Yan's argument for a SOL/ETH trade suggests that Solana could see a substantial price increase if the Ethereum ETF is approved.
As said earlier, the logic is based on historical patterns observed during Bitcoin's ETF approval, which saw a notable rise in ETH/BTC as investors anticipated Ethereum's ETF. Applying this pattern to Solana, Yan believes that the approval of an Ethereum ETF would shift attention and investment to Solana, potentially driving its price higher.
However, investors should also exercise caution, as several market pundits have warned that if the U.S. SEC delays in approving the investment instrument, the Ethereum price could face heightened volatility in the coming days.
As of writing, the Solana price soared 3.17% over the last 24 hours and exchanged hands at $182.99, whereas the Ethereum price rose 19.36% to $3,703.22. The trading volume of Solana surged 52% to $4.91 billion in the same time frame. Notably, the CoinGlass data showed that the Solana Futures Open Interest rose 0.53% over the last 24 hours to $2.46 billion.
Also Read: Pro-XRP Lawyer Says SEC Knows Ripple ODL Sales Are Not Investment Contracts
The post Solana Next in Line After Ethereum ETF Approval: Matrixport Co-founder appeared first on CoinGape.
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