- Canary file for Solana ETF.
- The price of SOL reflected BTC’s decline below $70,000.
Canary Capital filed its S-1. filing Sitting down with the U.S. Securities and Exchange Commission (SEC) Solana (SUN) Exchange Traded Fund (ETF).
As per the form, the ETF’s net asset value (NAV) is calculated based on the Chicago Mercantile Exchange (CME) CF Solana-Dollar benchmark rate.
This latest move follows recent actions by the asset manager. application for the seat Ripple (XRP) and Litecoin (LTC) ETF.
Canary doesn’t have an actual ETF yet, but its three recent filings highlight its ambitious moves into the cryptocurrency investment space.
Canary’s support for Solana
Following the news, Bloomberg ETF analyst James Seyffart highlighted Canary’s ambitions for the SOL ETF. mail At X (formerly Twitter).
Reflecting on Solana’s strong presence within the blockchain ecosystem, Canary said:
“Despite the highly competitive L1 and EVM environments, Solana has emerged as a battle-tested leader in distributed applications.”
The statement also highlighted Solana’s strong DeFi ecosystem, citing ongoing metrics such as daily transactions, active addresses, and new addresses within a low fee structure.
Additionally, the company expressed optimism about its progress. growth By deploying stablecoins, Solana will further strengthen its lead over its competitors.
Solana’s ETF documentation
Canary’s filing is the latest attempt to introduce a Solana ETF in the U.S., but it is not the first.
Earlier this year, asset managers VanEck and 21Shares applied for a spot SOL ETF and filed an S-1 application in June.
Notably, outside of the United States brazil It was the first country to approve the SOL ETF last August.
SOL’s Market Performance
Despite the filing, things weren’t looking too good on the pricing front. After facing rejection at the crucial $180 point, SOL’s chart was painted red.
At the time of writing, altcoin It was trading at $166, down 4.90% over the past day.
Notably, the decline in SOL prices coincides with losses across the sector. Bitcoin (BTC) It fell below the $70,000 mark.
Source: TradingView
Technical indicators reflected this trend, with both RSI and CMF showing bearish strength. At the time of reporting, they recorded 53.46 and 0.15, respectively.
This downward trend puts SOL at risk of testing the $160 support level. If this is violated, the decline may further deepen.
Moreover, if the 100-day (yellow) EMA is lost to the sellers, the trend will tilt decisively towards the bears.
Potential Upside for SOL ETF
Meanwhile, all is not bad for SOL in the cryptocurrency space.
October 14 AMBCrypto reported Grayscale has applied to convert its Digital Large Cap Fund (GDLC) into a multi-crypto ETF, which includes Solana.
On October 29, the SEC officially recognized Grayscale’s application. This is an important step toward launching the first multi-asset cryptocurrency ETF in the United States.
A decision on the application is expected within 45 to 90 days.
As the ETF race continues, Canary Capital’s recent filing highlights the growing demand for Solana-based investment vehicles.
But will this momentum lead to regulatory approval? That hasn’t been revealed yet.