Solana Next In Line After Ethereum ETF Approval: Matrixport Co-Founder

Matrixport co-founder Daniel Yan has sparked discussions about Solana and its potential impact on the Solana ETF price movements.

Yan suggests that investors should consider buying Solana (SOL) against Ethereum (ETH) as a potential candidate for an ETF.

Yan cited historical patterns observed during Bitcoin’s ETF approval, which saw a notable rise in ETH/BTC as investors anticipated Ethereum’s ETF.

Yan believes that the approval of an Ethereum ETF would shift attention and investment to Solana, potentially driving its price higher.

However, investors should exercise caution, as several market pundits have warned that if the U.S. SEC delays in approving the investment instrument, the Ethereum price could face heightened volatility in the coming days.

Solana price soared 3% over the last 24 hours and exchanged hands at $183, furthermore, the trading volume of Solana surged 52% to $4.91 billion in the same time frame.

Notably, the CoinGlass data showed that the Solana Futures Open Interest rose 0.53% over the last 24 hours to $2 billion.

(With inputs from Shikha Singh)

You need to login in order to Like