As a long-time Solana user, I don't think this will have much impact to SOL price. While it's a positive development for Solana's market presence, the fact that it's not a U.S. ETF limits its potential influence. The real test would be a US spot ETF approval, but even then, the effect might be muted. We've seen with the recent ETH ETF that the initial excitement may cause a short-term price spike, but once the hype settles, the price often reverts to following broader market trends. If you look at the ETH chart, you'll notice that the price is actually lower than it was before the ETF approval, despite the ETH spot ETF already trading.


For a coin as matured as Solana, it's challenging to create a single narrative that can significantly impact the price. I wouldn't be surprised if SOL price continues to mirror BTC & ETH trends rather than breaking out on its own like it did back in 2020-2021. On a more positive note, the recent shift in the Fed's outlook towards cutting rates could be beneficial for the broader crypto market. Lower rates typically lead to increased liquidity and risk appetite, which could provide some tailwinds for SOL (and crypto in general) in 24Q4 and 2025.