Upbit, a major cryptocurrency exchange, will list Solana (SOL) with a SOL/SGD trading pair on 4th October 2024. This new listing could boost SOL’s price as it increases accessibility and potential trading volume. Listings on significant exchanges usually attract new investors and liquidity, which can lead to price increases. However, it’s also important to monitor the overall market sentiment. SOL deposits will be accepted from 1pm SGT today (Wednesday, 2nd October 2024). Trading will be enabled at 1pm SGT Friday 4th October 2024.

Currently, Solana (SOL) is the fifth-largest cryptocurrency, with a market capitalization of approximately $71 billion. Following the recent decision by the US Federal Reserve to cut interest rates by 0.50% on September 18, the cryptocurrency market has seen a resurgence in investor confidence, leading to notable price increases for SOL. In light of these developments, asset management firm VanEck, through its research arm MarketVector, has released compelling predictions regarding Solana’s future. The report highlights Solana’s technological advancements and raises questions about its current market positioning compared to Ethereum (ETH). Solana Market Cap Could Hit $157 Billion VanEck’s analysis reveals significant differences between Solana and Ethereum, particularly in performance metrics. Solana processes 3,000% more transactions than Ethereum, has 1,300% more daily active users, and offers transaction fees that are nearly 5 million percent lower. However, despite Solana’s superior performance, its market capitalization is only 22% of Ethereum’s, which currently stands at $314 billion. This disparity is even more pronounced when considering the combined activity of Ethereum and its Layer 2 (L2) solutions, which often enhance transactional capabilities. Based on the report, there is growing optimism that Solana could reach 50% of Ethereum’s market cap, which would mean a jump from the current market cap of $71 billion to $157 billion for the fifth-largest cryptocurrency. In addition, the research notes that the SOL price could reach a mark of $330, representing a rise of nearly 120% for the cryptocurrency. This could represent a potential top for this market cycle and a new all-time high for the token, a far cry from the current record high of $259 in the 2021 bull run. VanEck Warns Of Missing Out On SOL Opportunities The report also notes that the roles of decentralized finance (DeFi), stablecoins, and payments are critical drivers of adoption for both Ethereum and Solana. Lending and borrowing in the DeFi space are projected to grow rapidly. At the same time, Solana’s cheaper fees and faster transaction times present a strong case for its adoption in payments and remittances.

The first spot Solana exchange-traded fund is reportedly set to go live in Brazil soon. This update comes on the heels of approvals from the Brazilian Securities and Exchange Commission (CVM). The news has brought excitement within the crypto community, with the hope that it would propel SOL to an astronomical height. Brazil's first Solana ETF QR Asset Management will offer the first Solana ETF fund on its platform, with Vortx serving as the manager. QR Asset is among the leading asset managers in Brazil with assets under management (AUM) worth over R$876 million (about $155 million) and over 100,000 customers. The spot Solana ETF is expected to begin trading as soon as approval is obtained from the Brazilian stock exchange B3. The CME CF Solana Dollar Reference Rate index will drive the fund's pricing. Created by CF Benchmarks, this index will provide a credible valuation of Solana from compiled transaction data from top crypto exchanges. Overall, the approval of the Solana ETF solidifies Brazil’s position as a leader in the crypto ETF market. Brazil is among other countries pushing crypto advancements and the adoption of a clear regulatory framework in the ecosystem. Uncertainty in US Solana ETF launch While Brazil has gained regulatory approval for a spot Solana ETF launch, the U.S. still lags in this regard. Hopes for a spot Solana ETF launch in the U.S. remain uncertain due to regulatory obstacles. This fear comes despite applications for a Solana-based ETF from asset managers VanEck and 21Shares. Meanwhile, BlackRock, a major asset manager in the U.S., has dismissed the idea of floating a Solana-based ETF. The lack of interest from this major asset manager in the crypto space threatens the approval of a Solana ETF in the U.S. This is because BlackRock holds a huge amount of influence in the financial and crypto ecosystem.

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Given that open interest in SOL perpetual futures has returned to all-time highs in dollar terms, Solana is expected to see significant price action. This is important because significant price movements either upward or downward are frequently preceded by open interest reaching such high levels. The total number of outstanding derivatives contracts — such as futures — that have not yet been settled is known as open interest. A high open interest rate usually means that traders and investors are very interested in the asset. Peak levels in open interest indicate that many traders are holding positions that have the potential to increase volatility when they unwind. The recent increase in open interest, from Solana's perspective, is a definite indication that significant changes may be approaching. As traders rush to cover short positions or increase their long positions, accumulated open interest could drive a sizable price rally if SOL breaks through its resistance levels. In contrast, there may be a significant sell-off as leveraged positions are liquidated if SOL is unable to sustain its current levels. SOL has since retraced to about $170 after making an attempt to break through the $190 barrier. The fact that the cryptocurrency has recovered above important support levels indicates that bullish momentum may yet hold. Given that market conditions stay favorable, the 50, 100 and 200 EMAs are all aligned in a way that suggests a possible upward trend. In general, Solana's ecosystem looks pretty strong and may in fact be the go-to pick among cryptocurrency investors. Luckily, there is some traction on Solana on the market, which opens up a way for a potential price reversal.