The crypto market is experiencing a resurgence as the long-running lawsuit between Ripple and the U.S. Securities and Exchange Commission (SEC) reached a milestone settlement. On July 7, a New York court ordered Ripple to pay $125 million in civil penalties and imposed an injunction against future securities law violations.
Layer-1 network Solana’s token (SOL) is also riding this wave of optimism and has soared to an all-time high against Ethereum (ETH). Meanwhile, the largest South American country has approved a Solana-based exchange-traded fund (ETF). Is an explosive SOL thunderstorm on the horizon?
SOL “Clear Winner” Against ETH
Solana has also outperformed most other cryptocurrencies in recent days. SOL’s price gained over 14% against Bitcoin (BTC) since the August 5 lows following the brutal crypto market sell-off sparked by US recession fears and Japanese market chaos. In fact, SOL has registered a new lifetime high of 0.06399 against ETH, according to CoinGecko data.
Chart veteran Peter Brandt considers SOL a “clear winner” against ETH — which came inevitably. Brandt thinks ETH is “cumbersome, expensive, flawed, claims to be decentralized when it’s not”, while SOL is “user-friendly” and has a “great foundation”. As such, the classical chartist expects SOL to gain 100% on ETH in the coming months.
Other pundits are also expecting a parabolic SOL breakout in the near term. Popular crypto trader Satoshi Flipper pointed out a bullish pennant on Solana’s four-hour chart, suggesting the token could blast above the psychologically important $200 level next.
$SOL/usdt 4 hour
— Satoshi Flipper (@SatoshiFlipper) August 7, 2024
https://t.co/tsLUbgN1Jf pic.twitter.com/kx2iv1BwQu
Brazil ETF Approval Further Fuels SOL
The Brazilian Securities and Exchange Commission (CVM) has given its blessing to a spot Solana exchange-traded fund (ETF).
Local news outlet exame revealed that the SOL-based ETF, created by Brazilian asset manager QR Asset and managed by fund administrator Vortx, is in a pre-operational stage, awaiting approval from Brazilian stock exchange B3.
The investment vehicle would follow the CME CF Solana Dollar Reference Rate, created by CF Benchmarks and the Chicago Mercantile Exchange (CME).
Commenting on the development, QR Asset manager and chief investment officer Theodoro Fleury described the firm as a “global pioneer in this segment, consolidating Brazil’s position as a leading market for regulated investments in crypto assets.”
Following the CVM’s approval, Brazil has notably beaten the U.S. to the punch. After the shocking approval of nine U.S.-listed spot Ethereum ETFs last month, asset managers like VanEck and 21Shares have already filed paperwork with the U.S. Securities and Exchange Commission (SEC) with hopes of securing approval to introduce Solana ETFs to Wall Street. However, the world’s largest asset manager, BlackRock, has backed out of the Solana ETF race.
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