tl;dr
The CEO of CF Benchmarks, Sui Chung, has stated that Solana ETFs are unlikely to happen due to the absence of a regulated futures market necessary for approval. This announcement has led to a 1.4% decline in SOL's price over the last 24 hours. Despite industry anticipation and optimism, Chung emphas...
`
Solana ETFs not possible due to lack of regulated futures market: CF Benchmarks CEO
The CEO of CF Benchmarks, Sui Chung, has stated that Solana ETFs are unlikely to happen due to the absence of a regulated futures market necessary for approval. This announcement has led to a 1.4% decline in SOL's price over the last 24 hours. Despite industry anticipation and optimism, Chung emphasized that the prerequisites for Solana-based ETFs are not met, particularly the lack of a regulated futures market. This development contrasts with the successful listings of Bitcoin and Ether futures on the CME in previous years. Solana enthusiasts remain hopeful, but the current outlook for a Solana ETF approval is uncertain.
Solana ETFs Are Not Going To Happen: CF Benchmarks CEO
CF Benchmark’s Sui Chung says Solana ETFs will not happen because of the lack of a regulated futures market which is necessary for approval.
* Sui Chung has downplayed the chances of a Solana ETF approval.
* This is hinged on a lack of a regulated futures market, unlike BTC and ETH.
* SOL price has declined 1.4% in the last 24 hours alongside the wider market.
Sui Chung, the CEO of CF Benchmarks has described Solana ETFs as a non-starter downplaying widespread optimism of a launch. Chung pointed to previous requirements cited by the Securities and Exchange Commission (SEC) before giving the green light to other products. The price of SOL is down as the chances of a spot ETF for the asset hangs in a balance.
Solana ETFs which are anticipated along industry circles are gaining momentum as the next crypto ETF to get the regulatory nod. As the fifth largest digital crypto asset, SOL holders have projected an approval that will drive more funds to the market.
Sui Chung noted that Solana-based ETFs will not happen because some pre-existing requirements are not met. "Solana ETFs are not going to happen, or at least, it won’t happen on the same basis as how Bitcoin and Ether happened." Chung pointed to a lack of regulated Solana futures market hinting on the SEC statement that a highly regulated futures market is a prerequisite for crypto ETFs for exchanges in the country. Despite this, Solana enthusiasts are still optimistic about the approval of the products creating a new investment window for traditional investors.
At press time, Solana price trades at $130.20 taking a 1.4% decline in the last 24 hours. SOL is known for its performance above the wider market but recent figures show struggles as macro factors flip negative. SOL has performed better than BTC and ETH this year and a spot ETF would bolster its numbers ahead of upcoming bullish events.
Spot Bitcoin ETFs continue to attract inflows after it rose to new highs in Q1 2024. This has raised optimism among Solana holders of a similar turnout should funds get approved. Meanwhile Solana bulls gear towards a recovery after Tron’s “Vampire Attack” which saw its price take a hit.
`
More about
The Current State of the Stock Market: A Technical Analysis Perspective
After conducting a comprehensive technical analysis of the stock market, several key trends have emerged. The S&P 500 index is currently testing a critical support level at 3200, with a potential downside risk if this level is breached.
The Relative Strength Index (RSI) indicator suggests that the market is nearing oversold conditions, indicating a possible upcoming reversal. Additionally, the moving average convergence divergence (MACD) indicator is showing signs of a bearish crossover, reinforcing the potential for downward movement.
On the other hand, the NASDAQ index has exhibited strong bullish momentum, with the price trading above its 50-day moving average. However, caution is advised as the index approaches a major resistance level at 11000.
Overall, while certain sectors show resilience, it is crucial to monitor the support and resistance levels diligently, as a breach of these levels could signify a shift in market sentiment. Investors are advised to exercise prudence and consider implementing risk management strategies in the current uncertain market environment.
More about Rush Street Interactive Inc
Rush Street Interactive Inc
Rush Street Interactive, Inc. is an online casino and sports betting company in the United States and Latin America. The company is headquartered in Chicago, Illinois.
Sector: Trade & Services
Industry: Services-Miscellaneous Amusement & Recreation
Market Cap: 2113047000
Dividend Yield: None
Beta (5Y Monthly): -0.09
PE Ratio (TTM): 10.78
EPS (TTM): -0.0084
Shares Outstanding: 801545000
Profit Margin: 13.03%
Operating Margin: 0%
Revenue: 0.888
More about Emeren Group Ltd
Company: Emeren Group Ltd, ReneSola Ltd
Business Description: Develops, builds, operates, and sells solar energy projects. The company is headquartered in Stamford, Connecticut.
Industry: Manufacturing, Semiconductors & Related Devices
Market Cap: 92772000
Dividend Yield: None
Revenue: -0.31
EPS: 1.915
PE Ratio: -0.163
Volume: 103577000
52-Week High: 4.38
52-Week Low: -0.924
RSI (14): -0.112