The approval of spot Solana exchange-traded funds (ETFs) in the United States has the potential to drive the price of SOL up 9x, according to crypto market maker GSR Markets.

In a recent report released on June 27, GSR Markets identified Solana as one of “crypto’s big three” and examined the likelihood of Solana becoming the next spot cryptocurrency ETF to receive regulatory approval in the US.

The report coincided with VanEck’s filing to launch a spot Solana ETF, which took many by surprise.