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Solana (SOL) might be the next cryptocurrency to gain approval for a spot exchange-traded fund (ETF) in the United States, according to BKCM CEO Brian Kelly.

In a prediction during a ‘Fast Money’ Post-Market Show on CNBC, he stated that Solana has emerged as a contender in this market cycle together with Bitcoin (BTC) and Ethereum (ETH), which he referred to as “the big three for this cycle.”

Solana, a smart contract network that has gained popularity due to its fast transaction speeds and low fees, has been a subject of speculation regarding a potential ETF approval. However, the road to approval for Solana is not without its challenges.

The recent debate over which cryptocurrency will be the next to gain ETF approval has brought increased visibility to Solana in the broader crypto market, triggering a heightened increase in its trading volume. This reflects an overall increasing investor confidence that could propel the price of Solana, making it among the best altcoins to buy now.

Solana (SOL) Price Surges Amid ETF Speculation, but Skepticism Remains

Kelly's bold prediction sparked mixed opinions among industry experts. While some expressed optimism for Solana's chances, others highlighted the regulatory hurdles and highlighted other crypto assets that might have a higher probability of gaining ETF approval sooner.

Among those who shared a positive outlook for Solana was Matt Hougan, the chief investment officer for Bitwise Asset Management. In a recent interview with Forbes, Hougan stated that he believes Solana will be the crypto asset of 2024, further cementing the optimism for Solana ETFs.

However, some skepticism remained regarding the possibility of a Solana ETF approval in the near term. Several industry experts pointed out that the US Securities and Exchange Commission (SEC) had already classified Solana as a security in a past legal case. This classification could complicate its road to approval.

Moreover, unlike pioneer cryptocurrency Bitcoin and DeFi titan Ethereum, both of which have futures ETFs but neither have spot ETFs, Solana also lacks this crucial market infrastructure. This absence might hinder its chances of gaining ETF approval in the immediate future.

In contrast to Solana, other crypto assets like Litecoin (LTC) might have a higher chance of gaining ETF approval, according to some experts. Speaking to BSC.News, Adam Cochran, a partner at Cinneamhain Ventures, highlighted Litecoin's simple regulatory profile as an advantage.

Since Litecoin operates on a proof-of-work consensus mechanism, similar to BTC, its regulatory pathway might be less complicated. Like Solana, Litecoin has experienced a price surge due to heightened visibility in the broader crypto market triggered by this debate. This presents a unique opportunity for investors looking to capitalize on the rally, further cementing its position among the best cryptos to invest in 2024.