As the cryptocurrency community eagerly awaits the possible approval of Spot Ethereum exchange-traded funds (ETFs), Daniel Yang, co-founder of Matrixport, has sparked speculation about Solana (SOL) potentially becoming the next candidate for such investment products.

Yang's comments come amidst increased interest in cryptocurrency ETFs following recent regulatory developments. On Tuesday, May 21, Yang highlighted the significant impact of reports suggesting that the Securities and Exchange Commission (SEC) has requested issuers to update Form 19b-4 in their product applications. He noted the surge in the Ethereum to Bitcoin (ETH/BTC) pair following these reports, indicating market optimism surrounding ETF approvals and expressing hope for a SOL ETF soon after Ether's.

Yang wrote, "What’s the trade, if ETH ETF really get approved in two days?… A better trade I will argue for is: “BUY SOL/ETH.” This may sound absurd and definitely unpopular. Reasons are: 1) SOL will be the No.1 next in line if ETH ETF get approved."

Additionally, analysts, including one known as 'Gumshoe,' also perceive the approval of Ethereum-based instruments as potentially more beneficial for Solana than for Ethereum itself. Earlier this week, the pundit argued that a rejection could diminish Ethereum's appeal while increasing Solana's attractiveness as an investment option.

However, there is concern within the cryptocurrency community about the broader implications of ETF approval processes. A rejection of any ETF applications could deal a significant blow to the sector, likened by one observer to a "nuclear strike" on market sentiment.

Industry experts have outlined bullish scenarios for Solana's price trajectory. Ryan McMillin, investment director at Merkle Tree Capital, predicts a rise in Solana’s value to $400 by November 2024, citing potential catalysts in meme coins related to the upcoming US election campaign. Similarly, Daniel Chung, co-founder of Syncracy Capital, anticipates Solana revisiting $200 by the end of May. These projections reflect a positive outlook on Solana’s fundamentals and positioning within the broader cryptocurrency landscape.

Furthermore, Solana's technological capabilities have garnered recognition, with CoinGecko analysts acknowledging its network as the fastest among major blockchains. On April 6, the Solana network achieved a record-high average daily transaction throughput of 1,504, reinforcing its status as a leading blockchain platform. Analysts from The Digital Asset Fund Manager Survey also highlighted a surge in institutional demand for the crypto asset in the same month, underlining their bullish outlook.

As anticipation grows around the potential approval of Ethereum ETFs, attention is shifting to Solana, poised to leverage the momentum generated by its predecessor. Whether Solana will emulate Ethereum's success remains to be seen, but market sentiment suggests a promising future for the cryptocurrency.

At present, Solana is trading at $171, reflecting a 4.28% drop over the past 24 hours. Nonetheless, the coin surged nearly 9% over the past week, with a market capitalization of $77 billion, according to CoinMarketCap data.