Solana Bulls Ready to Push SOL Price to the Moon
Yerevan (CoinChapter.com) – SkyBridge Capital co-founder Anthony Scaramucci expects the U.S. Securities and Exchange Commission (SEC) to approve the Spot Solana ETF. Prior to this, the agency has already approved Bitcoin and Ethereum ETFs in 2024.


Solana ETF forecast. Source: Anthony Scaramucci
Brian Kelly, founder and CEO of BKCM LLC and CNBC contributing writer, also predicted the approval of a spot SOL ETF in the future, further noting that Solana is one of the so-called “big three cryptocurrencies,” the other two being Bitcoin and Ethereum.


Brian Kelly's thoughts on the Solana ETF. Source: X
However, will the SEC really approve Solana ETH?
Top analysts have expressed enthusiasm for Solana’s ETF approval. However, the SEC’s classification of SOL as an “unregistered security” in its lawsuit against Binance and Coinbase suggests that the launch of a mainstream SOL investment vehicle presents significant regulatory challenges.
So far, the SEC has classified Bitcoin and Ethereum as commodities, which simplifies their path to ETF approval.
However, the regulatory environment for Ethereum remains uncertain. The SEC has previously sued Coinbase and Kraken for providing staking services, treating digital currencies such as SOL and ETH as securities. In order to deal with these complex situations, Ethereum's spot ETF issuers have had to exclude mentions of ETH staking in their documents.


James Seyfart’s thoughts on the SEC’s stance on Solana. Source: X
James Seifat, a cryptocurrency and ETF analyst at Bloomberg, expressed doubts about the demand for alternative coin ETFs, specifically mentioning that he is not bullish on alternative coins like Litecoin and Dogecoin.


Seifat discusses the need for a Solana ETF. Source: X
This view suggests that despite the excitement about the SOL ETF, market demand may be a limiting factor.