Solana

Convergence

James

<ul class="wp-block-list">
 <li>Bitwise has submitted an S-1 form for a spot Solana ETF.</li>
 <li>Solana is trading at $241, following a moderate spike of 3.18%.</li>
</ul>
The leading asset manager and ETF issuer, Bitwise Investment, has officially filed the S-1 form titled “BITWISE SOLANA ETF” with the U.S. Securities and Exchange Commission (SEC) in <a href="https://icis.corp.delaware.gov/ecorp/entitysearch/NameSearch.aspx" target="_blank" rel="noopener noreferrer nofollow">Delaware</a> on November 20, 2024.&nbsp;
This filing positioned Bitwise with other asset managers, such as VanEck and Canary Capital, to directly expose investors to Solana, the fourth-largest cryptocurrency by market capitalization. Bitwise’s move likely reflects the growing institutional interest in <a href="https://thenewscrypto.com/will-solana-break-key-resistance-or-fall-to-support-levels/" target="_blank" rel="noopener noreferrer nofollow">Solana</a>.
Matthew Sigel, VanEck’s Head of Digital Asset Research, mentioned the potential approval of a Solana ETF by the end of 2025, predicting “overwhelmingly high” odds of regulatory clearance.&nbsp;
Moreover, he believes the political landscape might be crucial in the SEC’s stance on crypto-related ETFs. Sigel pointed out that the Trump presidency, starting in January 2025, could appoint the new SEC chair. It will potentially ease the regulatory barriers for crypto ETFs.&nbsp;
On the other hand, ETF analysts like James Seyffart and Eric Balchunas haven’t commented on Bitwise’s filing. With its Solana ETF filing, Bitwise <a href="https://thenewscrypto.com/bitwise-officially-files-form-s-1-for-spot-xrp-etf-with-us-sec/" target="_blank" rel="noopener noreferrer nofollow">enters</a> the race to expand crypto investment options in the U.S. market. If this ETF is approved, it could fuel further adoption of Solana’s blockchain technology.&nbsp;
<h3 class="wp-block-heading" id="h-price-momentum-of-solana">Price Momentum of Solana&nbsp;</h3>
As the market is highly volatile, Bitcoin (BTC) will soon hit $100K, as analysts predict. This likely impacted the altcoins. Among them, Solana (SOL) currently <a href="https://coinmarketcap.com/currencies/solana/" target="_blank" rel="noopener noreferrer nofollow">trades</a> at $241.81 with a moderate spike of 3.18% over the past 24 hours.&nbsp;
The asset has visited its lowest trading price at $230.34 over the day. SOL is 9.14% away from hitting an all-time high. A steady upside correction will push the price to new highs.&nbsp;
At press time, the asset’s technical <a href="https://in.tradingview.com/chart/AHwivr5C/?symbol=BINANCE%3ASOLUSD" target="_blank" rel="noopener noreferrer nofollow">indicators</a> disclose a negative outlook, with the Moving Average Convergence Divergence (MACD) line found below the signal line, forecasting bearish sentiment in the market.
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Bitwise Seeks Approval for Solana ETF Registration

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