Solana Next in Line After Ethereum ETF Approval: Matrixport Co-founder

The broader crypto market has surged today on the back of buzz surrounding the potential approval of the Spot Ethereum ETF by the U.S. SEC. However, amid this excitement, Matrixport co-founder Daniel Yan's recent comments have ignited discussions over Solana and its potential impact on the SOL price movements. In addition, it has also fueled speculations and buzz over Solana ETF in the U.S.

Ethereum ETF Optimism Boosts Solana Prospects

Ethereum's price has skyrocketed nearly 20% in the past 24 hours, driven by optimism over the potential approval of a Spot Ethereum ETF. Daniel Yan, co-founder of Matrixport, shared his insights on this market development. In a recent , he suggested that while the popular trade might be to buy Ethereum, investors should consider buying Solana (SOL) against Ethereum (ETH). Notably, Yan highlighted three reasons for this strategy:

• Solana could be the next candidate for an ETF
• The ETH/BTC pair gained 12% after Bitcoin's ETF approval
• This trade is not crowded yet as compared to Ethereum's recent surge

In addition, he also emphasized that the Bitcoin price has gone through a volatile phase after the U.S. Spot Bitcoin ETF approval. Combining the historical sentiment along with the recent surge of around 20% in Ethereum price, he has advocated for the "BUY SOL/ETH" trade.

Meanwhile, Yan's perspective comes at a time when senior Bloomberg analysts have raised their estimates for Ethereum ETF approval to 75%, up from 25%. This increased likelihood follows the U.S. SEC's push for issuers to update their 19b-4 filings, signaling strong regulatory progress.

In other words, the anticipation of an Ethereum ETF has not only boosted Ethereum but has also positively impacted the broader altcoin market. Most of the major cryptos like Solana, XRP, and others, have followed suit, noting robust gains today.

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