Solana (SOL) Price Rally Ahead Following Filing of First Spot SOL ETF
beincrypto.com 10 July 2024 07:30, UTC Solana (SOL) is aiming to join the league of assets set to receive their own spot Exchange Traded Fund (ETF).
This could be a turning point for the altcoin, which has been struggling to note recovery in the last few weeks.
Solana ETF Enters Sec’s Sights
Solana’s price could be noting growth as the hype surrounding the token could increase. The reason behind this is that VanEck filed the first spot ETF with the Chicago Board Options Exchange (CBOE).
Following VanEck, 21Shares also filed for a spot ETF. However, the approval for these applications will come from the Securities and Exchange Commission (SEC), which has until mid-March 2025 to respond.
The probability of an altcoin apart from Ethereum receiving a spot ETF is small since it could lead to a barrage of spot ETFs from other crypto assets. However, Ethereum’s approval has set a precedent for altcoins, which was a near-impossible event at one point. h v c
This could translate to growth for the altcoin as well. Solana’s MACD (Moving Average Convergence Divergence) indicator has recently experienced a bullish crossover, signaling a strengthening bullish momentum in the market.
The MACD tracks the relationship between two moving averages of an asset’s price. A bullish crossover occurs when the MACD line crosses above the signal line, indicating potential upward momentum in the price of Solana.
The bullish crossover on Solana’s MACD suggests that market sentiment may be turning positive. The increasing buying interest is potentially supporting further price gains for the cryptocurrency.
SOL Price Prediction: Critical Resistance Ahead
Solana’s price, trading at $142 at the time of writing, is bouncing back from $126 after testing it for the sixth time in five months. The next barrier is now breaching and flipping $150 into a support floor.
This would enable further rise to flip the crucial resistance of $156 into support. Following this, SOL will be able to recover all the losses it has witnessed recently.
On the other hand, if the $126 support is lost, the losses could extend. Since the deadline for approval is nearly eight months away, it won’t be surprising to see the hype die down quickly. At this time, losing $126 could send Solana’s price to $100, invalidating the bullish thesis.
