Potential Solana ETF Approval and the Impact on SOL Prices

Bittime - Anticipation for the Solana ETF is increasingly attracting investors' attention. The US Securities and Exchange Commission (SEC) is scheduled to make a decision regarding the Solana ETF on March 5, 2025. Although the market is showing signs of overbought, SOL still shows strong upside potential. Expectations of the launch of a Solana ETF have had an impact on the price of SOL, with the latest price increase driven by increasingly strong fundamentals and growing market optimism.

Launch of Solana ETF

With the launch of the Spot Ethereum (ETH) ETF on July 23, investors began speculating on the possible launch of a Solana ETF. ETF Store President, Nate Geraci, revealed that there is a possibility of an ETF that combines Bitcoin (BTC), ETH, and SOL. Geraci's credibility in predicting crypto ETF trends lends credence to his predictions.

Exchange operator Cboe Global Markets (CBOE.Z) filed a request with the SEC on July 8 to list exchange-traded funds (ETFs) tied to Solana. The SEC has until March 5, 2025 to approve or reject the application.

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SOL Price Analysis

On March 18, Solana's price peaked at $210, but plummeted to $120 on May 1, marking a 43% decline. On May 21, the price recovered to near $190, breaking a resistance level that previously served as support. Even so, SOL soon fell back below this critical level. The decline from May 1 shows three distinct waves, indicating a bearish trend that may last for a long time.

The drop below $160 confirms the spike on May 21 as a three-wave corrective pattern. This suggests that the next decline could be part of a larger bearish phase, or part of a complex three-wave correction that started on March 18. When the price broke the $160 resistance, a new uptrend started on July 5, marking the correction as an ABC pattern. With the price rising and trading above $170, there is potential for further upside in the short term.

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Potential Impact of Solana ETF Approval

The approval of the Solana ETF could increase Solana's liquidity and acceptance in the financial ecosystem. If the SEC gives approval, the launch of the Solana ETF could be a watershed moment that drives SOL prices higher and shapes the future of this blockchain. However, the four-hour chart shows an overbought RSI, indicating a possible correction to the $160 level before further upward movement. However, the overall outlook remains optimistic.

With anticipation building and an SEC decision fast approaching, investors and developers will continue to monitor these developments closely. The potential approval of the Solana ETF will not only influence the price of SOL, but could also pave the way for further innovation and adoption in the world of blockchain and crypto.

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Monitor graphic movement Bitcoin (BTC) price, Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.