Solana’s SOL token has outperformed Ethereum’s ETH token this week after New York-based investment management firm VanEck filed an S-1 registration statement for its VanEck Solana Trust. “We believe the native token, SOL, functions similarly to other digital commodities such as bitcoin and ETH,” VanEck’s head of digital assets research, Matthew Sigel, wrote in a post on X arguing that SOL is a commodity, not a security. The consensus is that CME futures are a prerequisite for ETF approval, which SOL currently does not have. Meanwhile, ether futures have been trading on the CME for some time and spot ether ETFs are likely to begin trading in the U.S. in July. For now, the path of least resistance for the SOL/ETH ratio appears to be on the higher side. The SOL/ETH ratio has risen 12% this week, more than reversing the past week’s decline in a bullish engulfing candlestick pattern.