Spot SOL ETFs have been approved in Brazil: will SOL price to the moon?

[Vincom]

The SEC's recent decision to deny spot SOL ETF applications has been met with disappointment by many SOL investors ^[1]. BlackRock has further dampened hopes for other altcoin spot ETFs, stating their immediate focus on BTC and ETH ^[2]. However, the SOL price has remained remarkably steady, trading above 120 USD for several months.

A significant milestone for Solana has been reached: Brazil, known for its pro-crypto stance, has approved spot SOL ETFs ^[3,4]. This move comes as a welcome development for investors seeking to hedge against inflation and diversify their portfolios ^[5]. While it's unlikely to immediately propel SOL's price to 1000 USD, it undoubtedly strengthens Solana's position in the market and could attract substantial investment from Brazilian investors.

The success of spot SOL ETFs in Brazil might serve as a catalyst for U.S. investment giants like BlackRock and Fidelity to introduce similar products. This strategic move would be driven by the potential for significant profits in the American market.

I would like to know your opinion on this issue:

• Do you own SOL in your balance?
• Do you think that spot SOL ETFs in Brazil will drive the price of SOL up?
• Besides spot SOL ETFs, what are the main drivers for SOL price growth?

References:
[1] The SEC rejected Cboe’s 19b-4 filings for Solana ETFs: Source
[2] There won’t be a ‘long list of crypto ETFs,’ BlackRock’s Robert Mitchnick says
[3] Brazil poised to launch world’s first spot Solana ETF ahead of global markets
[4] Second Solana ETF Approved in Brazil
[5] Crypto in Brazil

[dbshck]

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.

[EarnOnVictor]

I would like to know your opinion on this issue:

• Do you own SOL in your balance?

Not anymore, I sold it a while ago. If at all I want to buy any coin, it won't be SOL anymore as I have some feelings that it will not grow much again this bullish season.

• Do you think that spot SOL ETFs in Brazil will drive the price of SOL up?

No! The news you shared will have little or no effect on SOL since Brazil is not one of the strong economies that can drive such an envisaged movement.

• Besides spot SOL ETFs, what are the main drivers for SOL price growth?

More crypto projects influx and liquidity inflow.

[Wexnident]

~

Pretty sure the ETH ETF should've been an example already, ETFs aren't going to pump the coin they represent. And that was with the US ETF, this one's limited to Brazil so I highly doubt any minor effects, let alone major ones would actually be seen. At this point even a US ETF probably wouldn't make any major waves for most coins, if any at all even.

Also, it's hard to say. The only thing guaranteed to have an effect would be the positive, any positive news/outlook on crypto in general. It's going to affect almost all cryptocurrencies though so the effect might be negligible, but it should still be there.

[X-ray]

• Do you own SOL in your balance?
• Do you think that spot SOL ETFs in Brazil will drive the price of SOL up?
• Besides spot SOL ETFs, what are the main drivers for SOL price growth?

1. Got some but SOL made up small amount of my portfolio, I just don't really like a coin that has climbed up too high.
2. I doubt this, BTC ETF from various countries other than US hardly affect the price, I doubt this one will affect the price of SOL that much, maybe some slight increase.
3. the memes are still the main driver of SOL price growth and there are plenty popular depin project, but mostly it's from meme coin speculation since if you see pumpdotfun, a meme coin platform literally make more revenue than ETH.