The broader crypto market has witnessed a significant surge today, fueled by the anticipation of a Spot Ethereum ETF approval by the U.S. SEC. Amidst this excitement, Matrixport co-founder Daniel Yan's recent comments have sparked discussions around Solana's potential trajectory and its impact on SOL price movements. Yan's insights have also ignited speculations about the possibility of a Solana ETF in the U.S. market.

Ethereum's price has skyrocketed nearly 20% in the past 24 hours, driven by optimism surrounding the potential ETF approval. Daniel Yan, in a recent post on X, suggested that while the popular trade might be to buy Ethereum, investors should consider buying Solana (SOL) against Ethereum (ETH). Yan highlighted three key reasons for this strategy: Solana could be the next candidate for an ETF, the ETH/BTC pair gained 12% after Bitcoin's ETF approval, and this trade is not as crowded as Ethereum's recent surge.

Additionally, Yan emphasized that the Bitcoin price experienced volatility after the U.S. Spot Bitcoin ETF approval. Combining historical sentiment with Ethereum's recent surge of around 20%, Yan has advocated for the "BUY SOL/ETH" trade.

Yan's perspective comes at a time when senior Bloomberg analysts have raised their estimates for Ethereum ETF approval to 75%, up from 25%, following the U.S. SEC's push for issuers to update their 19b-4 filings, indicating strong regulatory progress. The anticipation of an Ethereum ETF has not only boosted Ethereum but has also positively impacted the broader altcoin market, with most major cryptocurrencies like Solana and XRP following suit with robust gains.

The potential approval of the Ethereum ETF has fueled a significant rally across various digital currencies, as noted by on-chain analytics firm Santiment's observation of a widespread increase in market cap. This broader market optimism has left investors speculating about the next cryptocurrency in line for regulatory approval, with Solana emerging as a strong contender.

Solana, often referred to as the "Ethereum killer" for its high-speed and low-cost transactions, is gaining attention due to Yan's argument for a SOL/ETH trade. Yan believes that Solana could see a substantial price increase if the Ethereum ETF is approved, based on historical patterns observed during Bitcoin's ETF approval, which saw a notable rise in ETH/BTC as investors anticipated Ethereum's ETF. Applying this pattern to Solana, Yan suggests that the approval of an Ethereum ETF would shift attention and investment to Solana, potentially driving its price higher.

However, investors should exercise caution, as several market pundits have warned that delays in the U.S. SEC's approval of the investment instrument could lead to heightened volatility in the Ethereum price. As of writing, Solana's price has surged 3.17% over the last 24 hours, trading at $182.99, while Ethereum has seen a 19.36% increase to $3,703.22. Solana's trading volume has also risen significantly by 52% to $4.91 billion, and CoinGlass data shows a 0.53% increase in Solana Futures Open Interest to $2.46 billion, reflecting growing market participation and potential price movements in the near term.