Solana ETF Approval Could Skyrocket SOLs Value 9x Higher, Report Finds

Leading asset manager and Bitcoin Exchange Traded Fund (ETF) issuer VanEck has officially filed a Spot Solana ETF with the US Securities and Exchange Commission (SEC), fueling bold growth predictions for the Solana ecosystem.  Market-making firm GSR Markets recently released a report shedding light on the potential impact of a Solana ETF and highlighting the platform’s emergence as part of the “Big Three” in the crypto space. Speculation Of A Solana ETF Approval GSR’s report highlights Solana’s rapid rise within the cryptocurrency industry, positioning it as a major player alongside Bitcoin and Ethereum.  With the Bitcoin ETF market already approved and Ethereum about to launch a spot ETF in the US, GSR predicts that it’s only a matter of time before Solana follows suit, potentially making the biggest impact.  Related Reading: Bitcoin Miner Selling Cools Off Is This The Breakout Moment? GSR’s analysis highlights three key technological advancements that set Solana apart from its competitors. Firstly, Solana’s proof-of-history enables validators to produce blocks efficiently, resulting in remarkable speed and scalability advantages.  Second, Solana’s parallel transaction processing enables increased throughput and takes advantage of improvements in computing speed.  Finally, the company said Solana’s architecture positions it to solve the “blockchain trilemma” by achieving global state synchronization at “unprecedented speeds” as hardware and bandwidth costs decline. In addition, GSR’s report addresses the likelihood of Solana securing a spot digital asset ETF. While the current regulatory framework requires a federally regulated futures market and a futures-based ETF before a spot product can be considered, GSR believes that the potential for change shouldn’t be underestimated.  The company also claims bipartisan support for the crypto industry, and shifting attitudes among lawmakers indicate a more favorable environment for digital assets.  A Trump administration and a liberal SEC commissioner could further pave the way for the launch of spot digital asset ETFs, creating opportunities for Solana and other cryptocurrencies, the report said. Projected Impact On SOL’s Price GSR emphasizes the importance of decentralization and potential demand in determining the next spot digital asset ETF.  Factors such as permissionless participation, developmental control, token allocation, and stake characteristics contribute to a blockchain’s level of decentralization.  Meanwhile, as indicated by metrics like market cap, potential demand serves as a crucial factor for issuers when assessing future inflows. GSR combines decentralization and demand scores to create an ETF Possibility score, which highlights Ethereum and Solana as leading contenders for the next spot in digital asset ETF. Related Reading: Dogecoin To The Moon? Crypto Analyst Predicts 440% Price Increase Drawing parallels to the effect of spot Bitcoin ETFs on Bitcoin’s price, GSR estimates the potential impact of a Solana ETF on SOL. Adjusting for Solana’s smaller market cap relative to Bitcoin, GSR predicts a 1.4x to 8.9x increase in SOL’s price under different scenarios.  However, the report acknowledges that the impact could be even higher, considering SOL’s active usage in staking and decentralized applications. In the event of a spot ETF approval, GSR suggests that the potential upside for SOL presents a significant opportunity in the market. As investor excitement over the development became apparent, SOL’s price reached a weekly high of $151 on Thursday, but in the past few hours, SOL has dropped nearly 4% to a current trading price of $143.  Featured image from DALL-E, chart from TradingView.com

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Analyst Predicts Solana (SOL) Bounce Amid Network Congestion Problems

Solana (SOL) faced difficulties the past week after the networks transaction failure rate reached over 75%. Since then, Solanas core contributors have been working to find the congestion problems. SOLs price tumbled 7.8%, and users seemed worried about the networks state. Despite this, some analysts predict a more optimistic performance for SOL soon. Related Reading: Paradigm Drives $225M Funding Round For Monad Labs, Blockchain Rival To Ethereum, Solana Is Solana Poised For A Bounce? According to crypto analyst Bluntz, Solanas drop has reached its bottom. When the news of network congestion broke, the analyst predicted that SOLs price would likely fall to $160 before seeing a bounce. According to his chart, the performance was starting to show an ABC zig-zag pattern. At the time, the token was trading around the $184 price range, which meant that the C wave of $160 had yet to be confirmed. The analyst remained open to the possibility of a sideways correction. Nonetheless, he considered it would make no sense for sol/usd to sweep down lower below 160. On Wednesday, SOL reached a low of $162, sweeping the A wave low. To the analyst, this seems to be the bottom for SOLs price despite being $2 short of his prediction. As a result, Bluntz considers that the tokens price will go higher from here. ABC pattern on the SOL monthly chart. Source: Bluntz Another analyst, Immortal Crypto, pointed out that SOL has shown a good range between $210 and $160. According to the analyst, a deviation from here is a fat long, 100%. Despite the possible bounce forecast, analyst Altcoin Sherpa expects SOL to drop to $140, a level it has not seen in almost a month. Will The Network Upgrade Help SOL? In the last 24 hours, Solanas price has risen 6%, recovering from the drop to the $162 range. Despite a 7.8% drop in the past week, the price surged 13.5% in the last 30 days. Similarly, the daily trading volume increased by 28% in the past 24 hours, suggesting a surge in the tokens market activity. Nonetheless, investors remain concerned about the network as the problems continue, with some suggesting that the tokens price wont start pumping until the tech is sorted out. Solana is widely recognized for its fast transactions and low fees. However, the current on-chain failure rate presents problems for both users and developers. Responding to the critics and concerns, Austin Federa, Head of Strategy at the Solana Foundation, gave insights into the problem. Developers from Anza, Firedancer, Jito, and other core contributors are working diligently (and not sleeping much) to shore up Solana's networking stack to meet the unprecedented demand the network is seeing today. There's been a lot of threads on what exactly is causing the — Austin Federa | (@Austin_Federa) April 10, 2024 According to Federa, developers from the core contributors to the Solana chain are working diligently to shore up Solana’s networking stack to meet the unprecedented demand the network is seeing today. The developer explained that the implementation of a software system is today not robust enough to handle the amount of traffic being thrown at it. As a result, the core protocol developers are working to test and implement improvements, leaving increasing fees as a last resort. At the time of this writing, SOL is trading at $174.57. Related Reading: Solana Open Interest Drops $370 Million Amid Network Troubles, $200 Still Possible? Solana performance in the weekly chart. Source: SOLUSDT on Tradingview  Featured Image from Unsplash.com, Chart from TradingView.com

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Pantera Capital Plans $250M Solana (SOL) Buy, Analyst Predicts Record Rally Toward $1000

Pantera Capital, a prominent crypto-focused asset manager with assets totaling $5.2 billion, has launched a fundraising campaign to purchase discounted Solana (SOL) tokens from the bankrupt estate of crypto exchange FTX.  According to Bloomberg, the initiative, known as the Pantera Solana Fund, offers investors the opportunity to purchase up to $250 million worth of SOL [...]

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Solana (SOL) Hits $144: Analysts Feel Optimistic, Is A New ATH Imminent?

Solana (SOL) has been experiencing some volatility this week, but analysts seem optimistic about an imminent markup around the corner. In the past 24 hours, Solana (SOL) has registered a 10.6% increase after breaking through the $140 barrier again. Related Reading: Solana Meme Coin Dogwifhat (WIF) Hits New ATH, Market Cap Breaks $1.6 Billion Solana Rises Above $140 January of 2022 marks the last time Solanas native token traded above the $140 price range. On Thursday, the fifth-largest cryptocurrency by market capitalization hit a new high and followed the uptrend the crypto market is experiencing. JUST IN: #SOLANA BROKE $140 #SOL $SOL pic.twitter.com/KbHkiwm8uf — BitcoinExpert.sol (@PeterAnagno) March 7, 2024 On March 5, SOLs price spiked 7.5% after going from $132 to $142. However, the excitement about the cryptocurrency surpassing $140 was short-lived. The price started what looked like a freefall descent that shredded 16% of the tokens price, stopping at the $119 price range. Throughout Wednesday, SOLs price continued to move in both directions while trying to stabilize above the $128 support level. The token finished the day hovering between the $130-$132 price range. On Thursday, Solana picked up some momentum and tested the $141 level before facing a pullback to the $135 support zone. Later, SOL broke through the $140 barrier again as the price skyrocketed to $144, increasing 6.6% in just two hours. SOLs price performance in the hourly chart. Source: SOLUSDT on TradingView.com For the past hour, SOLs price has hovered between the $140-$142 price range, briefly falling below the $140 support zone. At writing time, the cryptocurrency trades at $142.10, accounting for an increase of 10.6% in the last 24 hours and 9.5% in 7 days. In the 30-day time frame, Solana has seen a stellar price surge of 50.8%. However, SOL seems to be experiencing a slow market activity. According to CoinMarketCap data, the daily trading volume has decreased by 37.7% in the past 24 hours to $6.4 billion. Is A New ATH Imminent For SOL? Pseudonym crypto trader and analyst Bluntz previously forecasted Solanas next leg up to be around the corner, saying that the revenge pump is close. Today, the trader reaffirmed that stance on an X (formerly Twitter) post. Right before the price hit $140, the analyst posted two charts displaying SOLs pair with BTC and USDT. The trader highlighted the patterns he previously used to make a prediction in February. feels like a $SOL markup is imminent. https://t.co/suhs2SZroC pic.twitter.com/RJSlovIzhr — Bluntz (@Bluntz_Capital) March 7, 2024 Based on the nice simple ABC zigzag with its BTC pair and the nice sideways accumulation wave 4 with its USDT pair, the analyst considers that an SOL markup is imminent. Related Reading: Ethereum Recovers From Dip: ETH Hits $3,900 For The First Time In Two Years Moreover, crypto trader Ansem suggested that Solanas new all-time high might be closer than expected. In an X post, the trader shared a chart exhibiting the price performance of the cryptocurrency. Solana's performance in the all-time chart. Source: @blknoiz06 on X.com The chart above shows that SOLs price of $138 was first achieved in early September 2021. Approximately 60 days later, Solana reached its all-time high of $260. If history repeats itself, according to the trader’s post, we could see Solana’s new all-time high in less than 60 days. Featured image from Unsplash.com, Chart from TradingView.com

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Solana (SOL) Breaks Through Key Resistance, Analyst Forecasts $250 Price Target

Solana (SOL) has experienced a notable resurgence in its bullish momentum, with a rebound of over 9% in the past 24 hours. This notable performance has outpaced the top 10 largest cryptocurrencies in terms of market capitalization. The latest surge in SOLs price has allowed it to surpass its resistance level on the daily chart [...]

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Solana Set For Explosive Growth: Expert Predicts 1650% Price Increase Based On This Pattern

As the broader crypto market rebounds following Donald Trump’s election on 5 November, Solana (SOL), currently the sixth largest token by market capitalization, has resumed its bullish trajectory, recently reclaiming the $230 price level. On Wednesday, the Solana price surged nearly 7%, reaching $232 after a two-week correction period that followed its current all-time high [...]

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Solana Must Break Descending Resistance To Regain Bullish Momentum Analyst

Solana is trading above a critical demand level of around $157, showing signs of a potential bounce after a recent pullback. This critical level has held firm despite market volatility, and now all eyes are on Solana as it attempts to regain bullish momentum. With the U.S. election unfolding and the Federal Reserve’s interest rate decision just around the corner, this week promises to bring heightened volatility across the crypto market. Related Reading: Bitcoin Open Interest Dropped Significantly Investors Cautions Amid US Election Week? Top analyst and investor Carl Runefelt has shared a technical analysis indicating that Solana must break above a key resistance level in the coming days to regain a strong uptrend. Runefelt notes that this resistance has kept the price in check, and a breakout likely leads to renewed optimism for SOL investors.  However, the risk of further downside remains if Solana fails to secure a position above this critical resistance. As these significant macro events unfold, Solanas next moves will be closely watched, as breaking resistance could signal a larger rally in the near term. Solana Trading Within Bullish Pattern  Solana has been a standout performer in this cycle, showing resilience as it holds above a crucial support level that previously acted as resistance. This pivotal moment could determine Solanas near-term trajectory as it battles to reclaim bullish momentum.  According to top analyst Carl Runefelt, who shared insights on X, Solana faces a critical test at a descending resistance level that has consistently capped its gains. Runefelts technical analysis, focused on the 2-hour SOL chart, highlights this resistance around the $164 mark.  He suggests a confirmed breakout above this level would likely propel Solana higher, signaling a return to bullish price action. However, theres potential for sharp price swings this week, with the U.S. election and Federal Reserve interest rate decision creating an environment ripe for uncertainty and market manipulation. These macro events have the potential to significantly impact Solanas movement, making the resistance break even more critical. Related Reading: Ethereum Risk-To-Reward Ratio Is Too Good To Pass Up Top Analyst Sets $6,000 Target If Solana breaches this resistance and establishes support above $164, it could attract bullish sentiment, pushing the altcoin toward new local highs. However, failure to do so could lead to increased selling pressure and a risk of a retracement, especially if broader market volatility intensifies. As such, the upcoming days will be crucial for Solanas path forward, with traders and investors closely monitoring this key level. SOL Price Action: Key Levels To Watch Solana (SOL) is trading at $161 after a recent bounce from local lows at $155. This move has established a strong support base of around $155, which has proven crucial in holding off further downside.  For bullish momentum to take hold, SOL now needs to clear the $165 resistance level, which would confirm the potential for upward price action. A sustained push above $165 could signal strength and encourage buyers, paving the way for further gains. However, a retracement is likely if SOL fails to break above this critical level. In this scenario, the price could fall back to the subsequent demand zone around $150, which aligns closely with the 200-day moving average (MA). The 200-day MA is a widely observed indicator and often acts as a strong support level in technical analysis, reinforcing the $150 zone as a potential floor. Related Reading: Solana Likely To Target $200 If It Holds Current Support What To Expect This consolidation phase places SOL in a pivotal position, with price direction largely dependent on its ability to overcome $165. As traders watch closely, this technical setup suggests that SOLs next move will likely define its short-term trend, with $150 as a key fallback level if the bullish case doesnt materialize. Featured image from Dall-E, chart from TradingView

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