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A new proposal for a Solana ETF has surfaced in Canada. This development comes after the establishment of spot Bitcoin ETFs in the U.S. The initial approval of spot Ethereum ETFs also occurred last month. Canadian investment fund manager 3iQ filed to offer The Solana Fund (QSOL). The company claims it would be North America's first Solana exchange-traded product if approved. Solana (SOL) is the fifth-largest cryptocurrency. It has a market cap of $61 billion. Bitcoin, Ethereum, Tether, and Binance Coin precede it in size. 3iQ plans to list the fund on the Toronto Stock Exchange. This listing relates to an initial public offering. "The Solana Fund offers easy exposure to SOL without technical complexity," stated 3iQ. They added, "As part of our investment strategy, the Solana Fund will stake SOL to earn rewards." 3iQ already offers Bitcoin and Ethereum ETFs. Their move to support Solana fuels speculation about future cryptocurrency approvals in the U.S. British bank Standard Chartered made predictions about future SEC approvals. They believe Solana and XRP will be next to receive ETF approval. Geoffrey Kendrick, Standard Chartered's head of crypto research, commented on the similarity to Ethereum. He said, "In several cases the core technology is so similar to ETH it would be difficult for the SEC to claim they were securities given the ETH position." Tether and WAX co-founder William Quigley shared his thoughts with Decrypt. He expects fund managers to move to the "next hot new thing" with Solana as a likely option. Quigley elaborated on the trend. "Every time Wall Street packages a new product to sell to consumers, if that product is successful, you can guarantee there will be copycats," he said. He pointed to the massive investments in Bitcoin spot ETFs. Bloomberg analyst James Seyffart noted Canada's early adoption of crypto ETFs. He also highlighted the existing global market for Solana funds. Seyffart tweeted about the scale of existing Solana ETPs. "You guys would be stunned to realize we already have over $1 billion in Solana ETPs elsewhere in the world," he wrote. He included a list of funds from providers like 21Shares, VanEck, and WisdomTree.

Billionaire Arthur Hayes has recently predicted that Aptos will flip Solana over the next few years. Now as Solana suddenly starts to stumble, we are wondering if Hayes had a point. Solana has fallen by 1.5% in the past 24 hours. SOL slipped to $143.28 together with the whole market. But while Bitcoin and Ethereum are keeping pretty stable prices for quite a prolonged period, called accumulation, Solana is pretty much nosediving. SOL, which is the market’s fifth-biggest coin by capitalization, is down by 10% in a week and 18% in a month. Some analysts say, there is a positive side of this as it looks like a bottom out. So they expect Solana to show some bullish sentiments in the near future. They encourage everybody to buy SOL now. Hopefully, the token is about to rebound. There is no strong evidence to that sentiment, except for a fact that Solana trading volume has lifted from just over $1 billion a day ago to $1.5 billion yesterday. On the other hand, skeptics might say that was probably a whale sale. Which might again bring us to the idea of Solana struggling for real, rather than just regrouping for the next rebound. Solana still remains the second most popular altcoin on the market, slightly trailing behind Ethereum. Solana has been recently adopted by Visa and PayPal. These financial giants praise Solana for its blazing speed and low costs of transactions. According to some pretty convincing rumors, Solana might be the next crypto to be approved for ETFs by SEC. And that might bring Solana to a price hike. But there is an alternative opinion. BitMex founder and a billionaire Artur Hayes is very skeptical. He claims Solana will be soon overtaken by other altcoins. Hayes is particularly fond of Aptos, dubbed as 'Solana killer.' That sounds pretty wild, as most of us probably haven't heard of Aptos at all. We'll have to wait and see if Hayes has a point.

A famous trader Bluntz thinks that dogwifhat (WIF) will surge in the near future. Yet, he is short term bearish about WIF. You might want to take his words seriously. Bluntz was right many times before. According to Bluntz, WIF, a Solana-based coin, will keep falling for a while, but in general this meme coin is poised for a big bounce. Interestingly, Bluntz doesn't think WIF is going to stay high forever. The analysts thinks WIF is destined to settle around $1. But before that we might see it rallying up to $3-4 per coin. Bluntz is one of those analysts, practicing the Elliott Wave theory. That's a technical analysis approach to predict future prices by following crowd psychology. Fans of the theory claim that crowd psychology is seen as a number of consecutive waves. According to the Elliot Wave theory, a bearish asset signals about its future with a five-wave move down followed by a three-wave ABC correction upward. At the moment, Bluntz claims that WIF has completed a five-wave move down. We are about to observe an ABC bounce. There's going to be three waves with price swinging up and down. The peak will be around $3-4. Then Bluntz sees WIF falling to around $1. According to the official website of the dogwifhat project, "WIF isn't literally just a dog wif a hat ; it's a symbol of progress, for futuristic transactions, a beacon for those who think ahead".

Something strange is happening within Solana ecosystem. A group of whales suddenly transferred a whopping $500 million worth of SOL in just six large transactions. And all that happened within just 24 hours time frame. Whales are the major crypto holders. And their actions a watched closely by analysts and ordinary users. When whales accumulate, it might mean future pump. When they sell it speaks trouble. What happened with Solana yesterday is a bit of a different story. So, there were six large transactions for a substantial amount of SOL worth $500 million. Five of those were transfers between unknown wallets, probably self-custodial. Nothing particularly interesting here. Probably, just a regular asset management. But one transaction stands out. It was a massive transfer of 1.6 million SOL tokens worth around $230 million. The tokens went from an unknown wallet to a Coinbase account. And that is a clear signal of somebody's intent to sell. Solana has been struggling to break the current sluggish price movement. There is a lot of discussions about new revolutionary meme coins based on Solana. Some rumours of Black Rock Solana ETFs are in the air. Major financial institutions are embracing Solana blockchain due to its blazing speed and low transaction costs. Yet, the overall sentiments stay pretty much bearish, analysts note. We will have to wait and see if the market is going to react to that whale who suddenly decided to get rid of such a huge piece of Solana pie.

Solana might beat Ethereum and become the new altcoin leader. It might happen quite soon, in the next crypto cycle, some analysts claim. According to a recent post from Gumshoe, all the charts show that if the current bull market continue, Solana will continue to float higher than other altcoins. Analyst notes that this will continue the trend seen from the better part of 2023. Solana kept rising from obscurity to become one of the top performers. It was even outdoing Bitcoin at times. As of now, Solana is up 100% from January 2023 lows and roughly 8X from the pits of September 2023. Sceptics might say that Solana is experiencing a kind of cool-off after the recent rally. But it is hard to deny the uptrend. And there are some more factors that influence the whole picture. Solana is quickly becoming a default choice for all kinds of mem coin deployers. Miscellaneous institutions tend to massively adopt Solana as their primary blockchain. Cheap and fast transactions are key features that drive the proccess. Solana boasts a theoretical throughput of up to 65,000 transactions per second (TPS). Meanwhile, though Ethereum has the largest network, it can only process 15 transactions every second. That leads to higher transaction fees. Awaiting times for transaction on Ethereum can be pretty annoying. PayPal, Visa and Stripe are in the list of Solana adopters already. All that is happening even despite the ongoing challenges and legal hurdles. United States Securities and Exchange Commission (SEC) has recently filed a number of lawsuits against Binance and Coinbase. SEC states that Solana is an unregistered security. That, by the way, might be a serious obstacle if Solana ever tries to get its own ETFs (exchange-traded funds). The other problem here is the significantly under developed futures market. Its absence might be a problem for Solana ETFs either.