Solana’s SOL token has outperformed Ethereum’s ETH token this week after New York-based funding administration agency VanEck filed an S-1 registration assertion for its VanEck Solana Belief. “We consider the native token, SOL, capabilities equally to different digital commodities equivalent to bitcoin and ETH,” VanEck’s head of digital belongings analysis, Matthew Sigel, wrote in a submit on X arguing that SOL is a commodity, not a safety. The consensus is that CME futures are a prerequisite for ETF approval, which SOL presently doesn’t have. In the meantime, ether futures have been buying and selling on the CME for a while and spot ether ETFs are more likely to start buying and selling within the U.S. in July. For now, the trail of least resistance for the SOL/ETH ratio seems to be on the upper aspect. The SOL/ETH ratio has risen 12% this week, greater than reversing the previous week’s decline in a bullish engulfing candlestick sample.
