In a recent video, macroeconomics expert and CEO of Real Vision, Raoul Pal, expressed an optimistic view that the cryptocurrency Solana (SOL) will be at the forefront of the digital asset market’s next expansion.
On June 27, investment firm VanEck submitted a proposal to launch a Solana (SOL)-based exchange-traded fund (ETF) in cash, marking a significant development for the cryptocurrency industry. Following this, asset manager 21Shares also submitted a Solana ETF application to the SEC.
The increasing anticipation surrounding the approval of Spot Ethereum exchange-traded funds (ETFs) has caused a stir in the cryptocurrency market, with many turning their attention to Solana (SOL) as the next potential candidate for this financial innovation.
In light of these recent developments, a former Goldman Sachs executive noted that the cryptocurrency market is approaching what he calls the “banana zone,” a phase of sustained growth. He believes that Solana will be instrumental in lifting the cryptocurrency industry out of its price stagnation and ushering in a new bull market phase.
The former Goldman Sachs executive expressed optimism about Solana, citing two significant additions to the blockchain that impressed him. These include NFT (non-fungible token) compression, which allows for the scaling of NFTs at a low cost, and the Firedancer project, which led him to invest 90% of his crypto allocation in Solana.
At the time of publication, the price of Solana was quoted at US$140.86, with a 1.0% increase in the last 24 hours.
It should be noted that the views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.
Editor’s Choice:
VanEck submits proposal for Solana ETF; SOL price experiences surge
Forecast for Solana ETF approval; Details
