Investors seeking better options to invest in Ether can now do so with VanEck’s new ETN offering. Despite offering some accredited investors exposure to bitcoin through its BTC tracker fund, VanEck is now offering exchange-traded notes of SOL, DOT, and TRON for investors in Germany accredited offshore investors.

VanEck’s ETNs Launched On Deutsche Boerse

The notes will be tradeable on Deutsche Boerse, a leading German stock market operator. Three months ago, an unpopular issuer, 21shares, created a Solana ETP on Switzerland’s SIX exchange. VanEck’s proposal to launch a US-based ETF hasn’t been approved by the sec yet.

Its proposal for a BTC strategy fund that exposes investors to BTC futures contracts isn’t approved yet. In August 2021, the asset management also submitted an ether-based ETF to the SEC but withdrew the proposal without citing any particular reason. Per the announcement, VanEck would seek to expand its crypto ETNs across all parts of the world to establish it as a true trailblazer of modern FinTech-based solutions.

The Solana Vs. Ethereum Debate

A top-level executive of the company, Matthew Sigel, revealed that there are other layer-1 smart contract platforms with better features than Ethereum. Transactions are processed faster, while gas fees are cheaper. Sigel specifically mentioned Solana as one of the many layer-1 smart contract projects that can favorably compete with Ethereum.

He further explained that “there is a possibility of having 55,000 T/S which is what obtains on Nasdaq. Thus, it’s possible to use the Solana network to securitize, tokenize and trade multiple assets.” Top-level executives from other digital assets management firms, such as Tushar Jain of Multicoin Capital, reveal that several asset management firms are betting big on Solana.

CoinGecko data reveals that SOL now trades at $158 as of this writing. It plummeted by 2.5% over the weekend and by 12% in the last seven days. The project experienced technical glitches recently and has struggled to earn back investors’ trust since that time.

Can SOL Plummet To $100?

SOL’s rise in the last few months has been nothing short of parabolic. But it has been on a correction in the last few weeks due to a significant invalidation on its 24-hour chart. SOL is not rallying by itself again, and it might still plummet further in the next couple of weeks.

SOL attained a peak price of $216 12 days ago but couldn’t flip that price range into support and has since plummeted below $200. It couldn’t continue its rally despite being favored by market forces such as capital flows and liquidity in the crypto market and BTC steadying between $45K and $50K.

As of this writing, one of SOL’s invalidations is caused by the interlocking between the 20 SMA and EMAs. The 24-hour chart shows that the EMA is moving below the SMA, an indication of a strong bearishness. Based on previous performances, SOL will likely rebound from the 0.619 fib retracement levels. As of this writing, SOL is way off a turnaround to embark on any rally.