Within an hour, Solana (SOL) surged over 3.5% after Grayscale Investment officially filed for a Solana exchange-traded fund (ETF) with the New York Stock Exchange (NYSE), according to a filing made on Tuesday.
At the time of publication, Solana is trading at around $236.42 with an impressive market cap of $112.34B.
Solana ETF Could Take It To $400 Rally
The move comes just weeks after the NYSE received SEC approval for options trading on Bitcoin ETFs. Cryptocurrency-based ETFs have become a major trend in 2014 following the SEC’s approval of 11 spot Bitcoin ETFs earlier this year.
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Despite a recent pullback, many cryptocurrency analysts believe that Solana’s upward momentum is far from finished, showing its robust performance throughout the market cycle and its notable milestones.
The crypto analyst highlighted that Solana remains on track to reach the $400-$600 range in its price discovery phase, following a breakout from an 8-month bullish pennant in November.
Similarly, Rekt Capital observed that Solana achieved a record-setting close in November, marking its “Highest candle-bodied Monthly Ckise ever.” Other analysts agree, suggesting that investors should maintain a positive outlook for the $400 target as the momentum persists.
Additionally, Solana is showing a multi-year Cup and Handle pattern, with the potential for a 100% rally to the $400 target following last month’s breakout from the handle’s trendline.
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Also Read: Breaking: Grayscale Files for spot Solana ETF, XRP ETF Next?
