VanEck is hinting again at the possibility of a spot Solana ETF as Solana (SOL) surpasses Binance Coin (BNB) to become the fourth-largest cryptocurrency by market cap. This buzz comes after VanEck’s recent tweet during a Bitcoin conference, indicating high interest in Solana among attendees.
VanEck had already filed for a Solana ETF in June, even before the spot Ether ETFs were launched. The latest tweet suggests liquidity won’t be a major hurdle for SEC approval. Meanwhile, BlackRock’s Robert Mitchnick expressed skepticism, noting that altcoins other than Ethereum make up less than 5% of the crypto market cap.
Solana’s market cap milestone is significant as it marks the first time in four years that SOL has overtaken BNB. Over the past two weeks, SOL’s price surged by 35%, while BNB saw a 10% increase. Currently, SOL trades at $182, maintaining strong support at $175 and eyeing $202 as its next target.
The potential introduction of a Solana ETF could further legitimize the altcoin, increasing its adoption and liquidity. This development indicates a growing interest in diversifying crypto investment options beyond Bitcoin and Ethereum.
