Solana ETF approval has kept the entire crypto market on its toes. In the middle of anticipation, VanEck, head of Digital Assets Research, made headlines by saying that the approval for Solana ETF might have better possibilities without Gary Gensler’s presence at the SEC. The statement comes when the SEC has recently scrutinized crypto players like Consensys.
Political Situation, SEC Leadership To Determine Chances Of Solana ETF Approval
In an interview conducted with Bloomberg yesterday, Matthew Sigel, Head of Digital Assets Research at VanEck, hinted that the company’s chances of succeeding in its effort to launch a spot Solana ETF are contingent upon the results of the 2020 presidential election and Gary Gensler’s continued tenure as chair of the Securities and Exchange Commission.
VanEck applied to market a spot Solana ETF to American investors only last week. Ever since the files were made, candidates running for Solana have frequently stated that the ETF’s prospects depend on the outcome of the U.S. election in November and how the SEC views these ETFs, given that they took over a decade to give a green signal to Bitcoin ETFs.
Will Solana ETF Give Bullish Cues To The Market?
Crypto markets are generally sensitive to overall market-related news. The approval for Bitcoin ETFs gave the market an upbeat sentiment, which led to streaks of inflows and green trading for not just BTC but the entire market.
If a Solana ETF were to get SEC approval, it would likely give the entire market a much-needed bullish trajectory, as Bankless Times predicted earlier.
A heightened developers’ acceptance of the Solana token’s low transaction prices, transaction speed, and ease of use has helped the ecosystem emerge as the most active layer 1 chain in cryptocurrency this year.
It has consequently gained enormous popularity among developers across various sectors, including DeFi and meme currencies.
Data suggests that Solana’s DeFi network’s total value locked (TVL) increased by 11% over the previous seven days, reaching nearly $4.57 billion. Similarly, other technical indicators show that SOL’s Fear & Greed Index is reading 50 (Neutral). Over the previous 30 days, Solana experienced 8.46% price volatility and 15/30 (or 50%) green days.
