In the crypto market, Solana and XRP remain two of the much-discussed ones. On the one hand, the data from the DEX screener shows that Solana is on the rise as a top gainer, with its top three spots captured. Standard Chartered is interested in SEC approval for more crypto ETFs, including Solana. This is causing speculation and optimism in the market. Positive market trends and technical indicators suggest Solana could grow significantly. Predictions indicated it might surpass $200. At present, the price of SOL stands at $238.87.
What Standard Chattered Predicted
Geoffrey Kendrick, Head of Forex and Digital Assets Research at Standard Chartered Bank, predicted that cryptocurrency ETFs for Solana and XRP might be approved by 2025. This follows the recent approval of Ethereum spot ETFs by the SEC. He argued that Ethereum’s approval sets a precedent for other cryptocurrencies like XRP and Solana. He expected significant institutional investments in Ethereum ETFs, which could enhance the market dominance of Bitcoin and Ethereum and lead to more ETF approvals for other major cryptocurrencies.
He also highlighted the need for regulatory clarity and political support to create a favourable environment for digital assets. These predictions suggest that potential ETF approvals for Solana and XRP by 2025 could positively impact Solana’s price as increased institutional investments boost overall market sentiment.
JP Morgan Analysts Slams ETF Hopes for Solana
Despite the positive hope of Kendrick, JP Morgan is doubtful about the approval of a Solana ETF by the US SEC. Nikolaos Panigirtzoglou, managing director and global market strategist at JP Morgan, expressed scepticism about the SEC authorising more cryptocurrency ETFs after approving Spot Bitcoin ETFs and Ethereum Spot ETFs this year. He dismissed expectations of a Solana ETF. For that, he cited the SEC’s unclear and seemingly hostile stance on cryptocurrencies. He pointed out that the regulator’s classification of cryptocurrencies as securities could hinder the establishment of a Solana ETF.
He further affirmed that the SEC will not approve tokens outside Bitcoin and Ethereum, suggesting that the regulator sees other altcoins as securities. Following the approval of Spot Bitcoin ETFs on January 10, many predicted Ethereum would be next. The US SEC recently approved Ethereum Spot ETFs on May 23, after months of delays from companies like BlackRock, Fidelity, and Bitwise.
With Spot Bitcoin and Ethereum Spot ETFs now approved, expectations for more crypto ETFs are high, with Solana and XRP being top choices. However, Panigirtzoglou stated that the SEC would only approve a Solana ETF if US policymakers pass legislation deeming cryptocurrencies as non-securities. As of now, no such legislation has been approved.
The Present Situation
The data of DEX Screener, at the time of writing this article shows a bullish trend for Solana. In the last 24 hours, among the top performers, SolanaRaydium’s SMALLCOCK token, associated with SahilsLust, is priced at $238.87, boasting 802 holders and a market cap of $101K, with 474 transactions and a growth of 9.07%. Meanwhile, SolanaRaydium’s AAPL token, linked with Apple, is priced at $87.56, with 2,391 holders and a market cap of $138K, witnessing a decrease of -25.27%.
The STONKS token, also from SolanaRaydium, stands at $28.51, with 1,019 holders and a market cap of $108K, showing a growth of 5.04%. Other notable tokens include NOWOMAN from SolanaMeteora, RUBIN, BBBY from Bed Bath & Beyond, GROOVE, KT from Keyboard Cat, DOGE from Dog In A Memes World, and Boshi, among others, each contributing to the dynamic cryptocurrency market.
Also read: Ripple CEO Brad Garlinghouse Voice Hopes for XRP ETF
