VanEck Teases Solana ETF Again As SOL Surpasses BNB for 4th Spot

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Now that the spot Ethereum ETFs have traded for almost a week on Wall Street, investors are keenly eyeing the next crypto ETF and gunning for the second-largest altcoin Solana. Interestingly, asset management giant VanEck is once again teasing the possibility of introducing a spot Solana ETF.

Will VanEck Push for Spot Solana ETF?

During the ongoing Bitcoin conference, VanEck recently shared a tweet stating that a large number of attendees inquired about Solana with them. As we know, VanEck submitted its Solana ETF filing in the last month of June even before the spot Ether ETFs went live. The recent tweet from VanEck suggests that there’s a strong interest in the altcoin and liquidity won’t be a major hurdle for the SEC to approve a Solana ETF.

A surprising amount of people asked us about Solana at our Bitcoin booth

— VanEck (@vaneck_us) July 27, 2024

However, other asset management giants like BlackRock are not much in support of having more Solana ETF or other crypto ETFs in the market. Speaking at the Bitcoin Conference, BlackRock Head of Digital Assets Robert Mitchnick said that the SEC would be drawing a line somewhere. He added that apart from Ethereum, all other altcoins contribute less than 5% of the total crypto market cap. Thus, he believes that it makes no sense to have more crypto ETFs in the market.

Also Read: Anthony Scaramucci Clears Air On Political Debate On Crypto

SOL Surpasses BNB for 4th Spot

In the latest development, Solana (SOL) has managed to surpass Binance Coin (BNB) as the fourth-largest cryptocurrency by market cap This is the first time in four years that SOL has managed to overtake BNB in the recent run-up.

Over the past two weeks, the Solana Price has been on a solid recovery path gaining more than 35%. In the same period, The Binance Coin (BNB) is up by 10%.

As of press time, the SOL price is trading at 3.88% up at $182 with bulls holding firmly above the crucial support level of $175. Popular crypto analyst Rekt Capital stated that Solana has managed to successfully hold above the support eyeing its next move to $202 with the Solana TVL surging by 15% this month.

$SOL

Looks like the Solana retest was successful

Continue to hold this red area as new support and SOL will be able to at least revisit the $202 resistance over time$BTC #BTC #SOL #Solana https://t.co/63TiOIipdR pic.twitter.com/WC1MC1iH2h

— Rekt Capital (@rektcapital) July 26, 2024