Solana ETF Chances Increase, Price Rises 9% in a Week

Solana (SOL) stock has surged after the Chicago Board Options Exchange (CBOE) filed applications with the U.S. Securities and Exchange Commission (SEC). These applications are aimed at obtaining approval for Solana exchange-traded funds (ETFs). SOL stock price surged by more than 8% on the news.

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CBOE files applications for Solana ETFs

On July 8, CBOE Global Markets files two 19b-4 forms with the SEC. These filings follow earlier initiatives by 21Shares and VanEck, which filed applications for spot Solana ETFs last month.

In its filing, CBOE highlights that Solana ETF products have similar characteristics to spot Bitcoin and Ether ETFs. A key point here is the decentralized nature of the network, which would make it less susceptible to manipulation.

In addition, CBOE points to the scalability of the Solana blockchain. The network processes transactions quickly and at low costs, which, according to CBOE, limits the scope for manipulative tactics.

Deadline for the SEC

These applications start the clock ticking for the SEC. According to the guidelines, the regulator has 240 days to make a decision on approving a product.

Eric Balchunas, ETF analyst at Bloomberg, estimates that the SEC has until mid-March 2025 to make a decision on the Solana ETFs, adding that the outcome of the U.S. presidential election in November could impact approval.

Positive mood around Solana

The news about possible Solana ETFs has a positive impact on the SOL price. The digital asset is currently among the best performing cryptocurrencies on the market.

Some analysts see similarities between Solana’s current price movement and its performance in 2021. The increased buying activity indicates growing interest in the token, which could lead to further price increases.

According to a report from market maker GSR Solana’s price could even rise to 8.9x if a spot SOL ETF is approved.

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