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Home»ALTCOIN NEWS»Is the Solana ETF next? Canary Capital Bids for SEC Approval
ALTCOIN NEWS

Is the Solana ETF next? Canary Capital Bids for SEC Approval

By Crypto FlexsNovember 1, 20243 Mins Read
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Is the Solana ETF next? Canary Capital Bids for SEC Approval
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  • A major cryptocurrency asset manager is working on the Solana ETF.
  • If SOL is approved, it will become the second altcoin to hit the ETF market.
  • Solana’s DeFi thrived to a TVL of $6.26 billion, rebounding to early 2022 levels.

Canary Capital, an Australian cryptocurrency asset manager, surprised the cryptocurrency world by introducing an exchange-traded fund (ETF) product based on Solana (SOL). The Form S-1 registration was filed on the tables of the Securities and Exchange Commission (SEC) in Washington on October 30, 2024.

First Solana ETF Competition Accelerates

With this move, Canary Capital joins the fray among other large digital asset management firms such as VanEck and 21 Shares, which filed for a similar Solana ETF product in late June 2024. This is because Solana continues to be the strongest performer in the altcoin sector. Annual return is 377%.

Meanwhile, this is the third installment of Canary Capital’s cryptocurrency ETF application, as Canary Capital plans a fully populated Litecoin ETF and XRP ETF in October 2024. The Solana ETF tracks investors by assigning them traditional brokerage accounts. Solana price via the Chicago Mercantile Exchange CF Solana Index.

“Despite the extremely competitive landscape of the L1 and EVM environments, Solana has emerged as a battle-tested leader in distributed applications.” Read Canary Capital’s statement, highlighting the SOL DeFi ecosystem as a great example of a strong and sustainable blockchain. The application also states that Solana maintains an overwhelming advantage over its peers with a “low fee environment.”

Is SOL planning to recover $250?

Solana, the #5 flagship altcoin, has had a huge 2024, breaking multi-year records in March when SOL surpassed $200 twice. A similar attempt to overcome the slightly lower $180 resistance barrier was made in July, with a 12% growth during “Uptober” forcing the altcoin to test this level again.

According to Bit Amberly’s technical analysis, Solana’s recent price action is forming an ascending triangle pattern on the 2-day chart. Currently trading at $174.59, it is still $20 below the $195 resistance level needed to break out of this technical formation.

In case of a SOL price breakout, the $250 zone is depicted as a “moon” in the cryptocurrency trader’s analysis, while the current high is $259.96. Solana, which scored more than three years ago, has demonstrated exponential growth, encompassing a market capitalization smaller than its current size.

With a market capitalization of $82,138,716,008, Solana’s layer-1 chain is home to several blue-chip meme coins and very popular decentralized exchanges (DEXs), including Jupiter, Meteora, and Orca.

In addition to cryptocurrency enthusiasts finding utility in Solana, the chain is also a darling of institutional investors, recording $10.8 million in inflows last week. Its assets under management (AUM) currently lags behind Bitcoin (BTC) and Ethereum (ETH), which stand at $1.6 billion.

On the flipside

  • The filing with the SEC is missing some important details, such as the ticker symbol for the Solana ETF product.

Why This Matters

Digital asset exchange-traded funds open up a wealth of opportunities for traditional financial investors by eliminating the risks associated with owning cryptocurrency assets directly through regulatory oversight.

Check out DailyCoin’s top cryptocurrency news:
How Coinbase’s Foundation Moved One Step Closer to Vitalik’s High Milestone
8 Scariest Crypto Moments of 2024: The Year of Tricks and Treats

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