21SHARES Submits S1 Registration for Upcoming Solana ETF

On the 28th of June, the ETF provider 21Shares submitted the S-1 form to the U.S. Securities and Exchange Commission (SEC) for the 21Shares Core Solana ETF. This initiative signifies a pivotal advancement in the availability of Solana-based exchange-traded funds (ETFs) to the investing public.

Following VanEck’s notable entry into the Solana ETF arena, 21Shares emerges as the second entity to introduce such an offering, thereby broadening the spectrum of crypto-centric investment options.

Bloomberg’s market expert, **Eric Balchunas**, has suggested that the SEC’s green light for the Solana ETF within the forthcoming year could be closely tied to the administration of the newly elected president.

**SOL Price Analysis:**
Amidst the current tumultuous state of the cryptocurrency market, this development might trigger a new rally in Solana’s price, potentially energizing Solana-linked meme tokens. Over the past day, Solana’s value has appreciated by 1.20%. Presently, the cryptocurrency is priced at **$145.01**.

Market prognosticators anticipate that SOL’s valuation could ascend to **$1,320**, with GSR Markets positioning Solana among the top echelon of cryptocurrencies, dubbed “crypto’s big three.” The expectation is that SOL might draw in 14% of the capital flowing into Bitcoin ETFs. According to a GSR Markets analysis, Solana’s valuation could witness an 8.9-fold increase. In an optimistic forecast, Solana’s current price of **$149** is projected to skyrocket beyond **$1,320**, culminating in a market capitalization of **$614 billion**.

Under “bear” and “baseline” scenarios, it is projected that spot Solana ETFs could attract 2% and 5% of Bitcoin’s investment influx, respectively, which would amplify Solana’s price by factors of 1.4 and 3.4.

Also of Interest:
Bitcoin Price Forecast: Absence of Bullish Confirmation, Imminent Plunge to **$56k** Looms

**Tags:**
Solana (SOL)