Solana Dips 7.5% After BlackRock Rules Out Immediate ETF Launch

• Solana plunged 7.5% in the last 24 hours amid “No ETF” comments.
• BlackRock’s CIO said the firm will not launch a Solana ETF soon.
• SOL returned below $190, showing signs of a trend reversal.

Solana (SOL) reversed its uptrend in the last 24 hours after BlackRock, the leading American multinational investment company, confirmed it will not launch a Solana exchange-traded fund (ETF) in the near future. BlackRock’s CIO of ETF and Index Investments, Samara Cohen, confirmed this during a Bloomberg interview on July 29.

BlackRock CIO of ETF and Index Investments Samara Cohen discusses the iShares Ethereum Trust ETF (ETHA) and expects we'll see allocation of crypto ETFs in model portfolios by the end of this year and into 2025 https://t.co/5UOLwIRWHL pic.twitter.com/rYqpym7Wqg

— Bloomberg Crypto (@crypto) July 29, 2024

Cohen noted her company’s current lack of interest in a Solana ETF, despite projecting an increase in the allocation of crypto ETFs in model portfolios by the end of this year and into 2025.

Notably, Cohen’s comments triggered a selloff in the Solana market, which saw the surging crypto halt its upward movement and immediately reverse. SO…

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