Hong Kong’s Securities and Futures Commission (SFC) has approved the region’s first Solana (SOL) spot exchange-traded fund, signaling growing institutional confidence in the cryptocurrency market. The product, issued by ChinaAMC (Hong Kong), will officially list on the Hong Kong Stock Exchange next Monday. This development makes Solana the third cryptocurrency, after Bitcoin and Ethereum, to gain ETF approval in Asia.
Solana ETF Set for Launch Next Week
According to details from ChinaAMC’s filings, the Solana ETF will trade under the ticker 3460 and be available in Hong Kong dollars, Chinese yuan, and U.S. dollars. The fund carries a 0.99% annual management fee. BOCI-Prudential Trustee Limited serves as its main custodian, while OSL Digital Securities acts as the sub-custodian and trading platform provider.
The launch date is set for October 27, making it the first Solana ETF to be listed anywhere in Asia. Each trading lot will consist of 100 shares per currency. This milestone comes as regulators worldwide continue to embrace digital assets, with Hong Kong taking a clear lead in the region’s ETF race.
Market Anticipation and Global Outlook
The approval also arrives as investors await the U.S. Securities and Exchange Commission’s decision on spot Solana ETFs. The SEC had delayed its ruling due to the government shutdown earlier this month. However, analysts expect the U.S. to follow Hong Kong’s lead soon after simplifying listing procedures for digital asset ETFs.
JPMorgan analysts estimate that Solana ETFs could attract around $1.5 billion in inflows during their first year, about one-seventh of Ethereum ETF inflows. They attributed this projection to Solana’s smaller DeFi ecosystem relative to Ethereum.
Analysts Eye Solana’s Price Consolidation
Source: X
Solana currently trades near $184, reflecting a modest 0.16% rise in 24 hours but a 9.69% weekly decline. Analyst Ali Martinez noted that Solana has surged over 3,700% since December 2022 and now faces resistance between $225 and $250. He suggested that a breakout above this zone could drive prices toward $365 and beyond.
Meanwhile, analyst X_Four_iv observed that Solana is consolidating within a symmetrical triangle pattern, showing reduced volatility. The key levels to watch remain $180 for support and $210 for resistance. A breakout above $210 could confirm renewed bullish momentum, while a breakdown below $180 may trigger a deeper pullback toward $172.
