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- Solana Devnet experienced a temporary outage, expected to be resolved within an hour.
- The outage underscores the importance of maintaining robust infrastructure for the growing Solana ecosystem.
- GSR Markets forecasts significant price increases for Solana following potential ETF approval.
Solana’s Devnet, a crucial resource for developers working on the blockchain platform, experienced a temporary outage, as announced by Jacob Creech on X. The disruption, which is expected to be resolved shortly, highlights the importance of robust infrastructure for the rapidly growing Solana ecosystem.
Attention Solana developers:Devnet is temporarily down but should be back within an hour.— Jacob Creech (@jacobvcreech) June 28, 2024
As the network expands, ensuring the reliability and availability of development resources like Devnet becomes increasingly vital to support the growing community of developers and projects building on Solana.
Meanwhile, GSR Markets forecasted a substantial increase in Solana’s price following the potential approval of a spot Solana ETF in the United States. In an optimistic scenario, GSR Markets predicts a ninefold increase for Solana (SOL), potentially reaching over $1,320 and boosting its market capitalization to $614 billion. Even conservative estimates anticipate a 1.4-fold price increase.
VanEck’s recent application for a spot Solana ETF has generated significant excitement within the market. GSR’s analysis suggests that such ETFs could capture 14% of the market flows observed since the introduction of spot Bitcoin ETFs in January.
I am excited to announce that VanEck just filed for the FIRST Solana exchange-traded fund (ETF) in the US. Some thoughts on why we believe SOL is a commodity are below.Why did we file for it?A competitor to Ethereum, Solana is open-source blockchain software designed to… pic.twitter.com/XwwPy8BXV2— matthew sigel, recovering CFA (@matthew_sigel) June 27, 2024
In the most optimistic scenario, Solana’s price could jump from its current $144 to over $1,320, potentially boosting its market cap to $614 billion. Even conservative estimates predict price increases of 1.4 to 3.4 times. While staking rewards could further enhance these figures, the lack of staking permissions in the soon-to-be-approved ETFs might limit this potential increase.
Despite GSR’s positive outlook, some analysts remain cautious. Bloomberg’s Eric Balchunas argues that regulatory changes, such as a new U.S. President or a different SEC Chairman, would be necessary for a spot Solana ETF to gain approval. Current SEC Chairman Gary Gensler’s classification of SOL as a security and ongoing lawsuits against Binance and Coinbase (NASDAQ:COIN) add to the complexity of the approval process.
While the temporary Devnet outage highlights the immediate need for reliable development infrastructure, the broader market anticipates significant growth for Solana, driven by potential regulatory approval of a spot ETF and continued expansion of its ecosystem.
The post Solana Network Disruption: Devnet Down, But SOL Price Poised for ETF-Fueled Surge appeared first on Coin Edition.