VanEck has launched its ETF on the base Solana on the Nasdaq exchange, providing institutional investors with another way to enter the cryptocurrency market. Despite this significant milestone, SOL is under significant pressure.
FLOOR-ETF from VanEck became the second fund on Altcoyin, which debuted in the US market in recent weeks. ETF Grayscale’s product, which debuted in October, saw significant funding in the days following its launch and quickly became the benchmark for products related to Solana.
Launching a new ETF coincided with a sharp price pullback Solana. Altcoin SOL fell significantly below the level seen a month earlier, continuing a broader correction that began after reaching a peak at the beginning of the year. At the time of writing, SOL was trading at $136, down approximately 18% over the past week.
Analysts believe the immediate support level is critical. If it is broken, the market could fall into lower price ranges. A recovery above the higher price level would signal a weakening of the bearish momentum.
Even taking into account the correction, analysts expect that the American ETF on Solana will increasingly attract interest from institutional investors over time. Whether these forecasts come true will largely depend on price dynamics for Solana.