The Race for ETF Approval Begins: Its Not the Time to be Bearish on XRP & SolanaBut Heres a Twist
The post The Race for ETF Approval Begins: Its Not the Time to be Bearish on XRP & SolanaBut Heres a Twist appeared first on Coinpedia Fintech News
Ever since the institutions have gauged the success of the spot Bitcoin & Ethereum ETF, they have intensified their search for other potential ETFs. While Solana has strengthened its base with zero network outrage in the past 12 months, XRP has proved to be a sleeping giant after the remarkable bull run. Now that both are in a race for ETF approval, the probability of an XRP bull run & SOL bull run has gained huge momentum.
Ahead of XRP, Solana is expected to get approved this month, which is believed to be a game changer. After filing for a SOL ETF, Blackrock seems to be confident of its approval, which can be considered the most bullish signal for the token. Besides, Grayscale has also filed to convert its Solana trust into an ETF that is open for public comments at the moment. Now that the network activity has risen with memecoin dominance and DeFis growth has bolstered, the SOL price is believed to reach a 4-digit figure soon.
In the wider timeframe, the SOL price is trading within a rising parallel channel and has found a strong base at the average levels. Besides, the 50-day WMA has been a strong base since Q4, 2024, while the weekly RSI has been trading within the upper band throughout the year. Besides, the price is experiencing equal pressure from both sides, hinting towards excessive pressure mounting over the token. Hence, the SOL price is expected to rebound and reclaim $250 in the next few weeks and a breakout from the pattern may initiate a fresh bull run.
Besides, Solana continues to face regulatory hurdles as the SEC still classifies SOL as a security, which may complicate the ETF approval. Meanwhile, the pending exchange lawsuits could delay the approval. On the other hand, XRP is not a security as per Judge Torress ruling, giving it a legal edge over SOL. Therefore, it could be interesting to watch whether Solana ETF will be approved first or XRP.
Text source: Coinpedia – Fintech & Cryptocurreny News Media| Cr
