VanEck, an investment manager, anticipates Solana stepping into the crypto spot ETF competition in 2024, as highlighted by analysts Matthew Sigel and Patrick Bush in a freshly published report today. They note that a rush of asset managers submitting filings will pave the way for Solana’s entry into this arena.
The analysts foresee Solana making significant strides, projecting it to secure a top 3 position in market capitalization, total value locked (TVL), and active users within the next couple of years.
VanEck’s confidence in Solana’s potential was demonstrated in 2021 when they introduced a Solana exchange-traded note (ETN) on the German stock exchange Deutsche Börse. Should their prediction about the spot ETF materialize, it would validate Solana’s status and offer mainstream investors easier access to SOL and other tokens within the Solana ecosystem.
A surge in asset managers seeking regulatory approval for crypto ETFs is on the rise. Companies like BlackRock, Fidelity, and HashDex have recently filed applications with the Securities and Exchange Commission to introduce Bitcoin and Ethereum spot ETFs. Approval of these ETFs could pave the way for the inclusion of newer tokens like Solana.
VanEck’s report also forecasts Solana’s Pyth price oracle potentially surpassing Chainlink in terms of total value secured. Despite Solana’s TVL witnessing a robust 160% growth in the past month, reaching nearly $860 million according to DefiLlama, it’s still notably lower than its peak of $10 billion in November 2021.
Solana’s native token, SOL, has experienced a surge of over 25% in the past week, currently trading around $73 as per CoinGecko’s latest figures.
