$SOL
SOL price shows strength as Solana ETF attracts investor attention
Solana (SOL) is working to join the group of assets that are about to receive their own Exchange Traded Fund (ETF).
This could be a turning point for this altcoin, which has struggled to recover over the past few weeks.
Solana price could move higher as excitement around the token increases. This is because VanEck filed its first SOL ETF spot application with the Chicago Board Options Exchange (CBOE).
After VanEck, 21Shares also filed for a similar ETF. However, approval for these applications will come from the US Securities and Exchange Commission (SEC), which has until mid-March 2025 to respond.
The likelihood of an altcoin other than Ethereum receiving an ETF is small as this could lead to a series of ETFs from other crypto assets. However, Ethereum's adoption has set a precedent for altcoins, which was previously almost impossible.
This could bring growth to altcoins. Solana's MACD (Moving Average Convergence Divergence) indicator recently created a bullish cross, signaling strong bullish momentum in the market.
MACD tracks the relationship between two moving averages of an asset. A bullish cross is created when the MACD line crosses above the signal line, indicating a potential bullish trend for Solana.
It signals that market sentiment may be changing positively. The growing buying interest is likely to further support the cryptocurrency's price rise.