Solana Price Rises, Fueled by SOL ETF and New Airdrop!

Bittime - Solana (SOL) price is up today! This increase occurred even though the crypto market as a whole is experiencing a recovery marked by concerns about selling pressure from Bitcoin (BTC) sent to centralized exchanges.

When this article was written, the price of SOL was around IDR 2.37 million (US$144.83), up 6.75% in the last 24 hours. Let's take a look at some of the reasons why Solana price is rising today:

Harapan ETF Spot SOL from Institutional Investors

Data dari Cointelegraph Markets Pro and TradingView shows the price of SOL jumped sharply. The price rose from a low of IDR 2.2 million (US$135) to a daily high of IDR 2.4 million (US$151) on June 27.

This price increase occurred after news that the investment management company VanEck applied to create a Solana Exchange-Traded Fund (ETF) in the United States.

VanEck, which was one of the early issuers of spot Bitcoin ETFs in the US, became the first company to propose an ETF that would track the price of Solana.

“I am pleased to announce that VanEck has just applied for the FIRST Solana ETF (ETF) in the US,” said Matthew Sigel, head of digital asset research at VanEck, in a post on June 27.

Sigel said that the new fund, the VanEck Solana Trust, aims to capitalize on the decentralized nature, high utility, and economic viability of Solana.

This comes after the approval of spot ETFs for Bitcoin and Ethereum by the United States Securities and Exchange Commission (SEC). The SEC approved form 19b-4 for spot Ethereum ETFs last month.

They also still need to approve a registration statement before the ETF can begin trading. Nonetheless, some analysts predict it could happen as early as July.

The spot Bitcoin ETF itself was approved in January. This was an important milestone that attracted cumulative inflows of more than IDR 238.4 billion (US$14.4 million) into the investment product. This generated more than IDR 859.2 billion (US$52 million) in assets under management, according to data from Soso Value.

Just as the debut of a spot Bitcoin ETF caused a spike in BTC prices, the potential approval of a spot Solana ETF is expected to have a positive impact on SOL prices.

New Airdrop from Zeta Markets DEX Fuels Solana Excitement

The price of SOL has experienced a fantastic increase over the past year. This smart contract token has surged more than 780% in the last 12 months and 45% year-to-date.

Much of this increase is due to a successful airdrop that has led to the emergence of popular Solana-based tokens. These include Jupiter (JUP) and memecoins such as Dogwifhat (WIF), Bonk (BONK), and Book of Meme (BOME).

Solana-based DEX marketplace Zeta Markets, which specializes in derivatives trading, jumped on the momentum with the launch of their native token, ZEX, and opened airdrop claims.

According to a statement, this airdrop is designed to reward early adopters and encourage long-term participation in the protocol.

“We have allocated 2% of our token supply (20 million ZEX) to those who staked ZEX during the Genesis Epoch (ending July 25).”

The Zeta Markets team said that eligible users have 90 days to claim their airdrop allocation.

Airdrop in the Solana Ecosystem

The emergence of airdrops in the Solana ecosystem shows that the developer community is contributing to the integrity and strength of the layer 1 blockchain. As a result, the total value locked (TVL) on Solana will increase 120% in 2024 to IDR 73,232 billion (US$4.48 billion).

A higher TVL indicates that more users and developers are actively engaging with the Solana network, thus reflecting increased demand for this cryptocurrency.

This further increases investor confidence by demonstrating the network's resilience and growing adoption, and generates positive sentiment which typically translates into higher buying interest, pushing the price up.

Technical Analysis: SOL Potentially Returns to IDR 3.3 million (US$200)

Analysis of SOL price movements on the daily timeframe shows that this token is forming a V-shaped recovery pattern, as shown in the chart below. The 20-day exponential moving average (EMA) at IDR 2.3 million (US$143.5) acts as the closest support.

The Relative Strength Index (RSI) rose towards the 70 level, indicating the dominance of buyers in the market. The bulls (buyers) are now focused on the 100-day EMA at IDR 2,437,500 (US$148.5) and, later, the 50-day EMA at IDR 2.4 million (US$150.5). The next obstacle lies at the neckline of the prevailing chart pattern at IDR 2.8 million (US$176).

A daily candlestick close above this level will confirm the continuation of the uptrend. The next logical step is to the March 18 range high of IDR 3.4 million (US$209), bringing the total increase to 42%.

On the other hand, failure to sustain above the 20-day EMA at IDR 2,342,500 (US$143) would signal the buyers' inability to sustain the uptrend. If this happens, SOL could fall to the pattern's low of IDR 2.08 million (US$126), invalidating the bullish outlook.

Conclusion

Today's Solana price increase was driven by a combination of positive factors. These include the outlook for the SOL spot ETF, a new airdrop from the Zeta Markets DEX, and overall improving market sentiment.

Technical analysis shows that SOL has the potential to continue its rise and reach the IDR 3.3 million (US$200) level in the near future.

However, it is important to remember that the cryptocurrency market is always volatile, and prices can fluctuate wildly. Investors should always do their own research before making an investment decision.

How To Buy Solana (SOL) with Bittime

You can buy and sell Solana (SOL) in an easy and safe way through Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.

Solana (SOL) available on Bittime with market pair SOL/IDR. To be able to buy SUN IDR Of Bittime Make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.

Study Complete guide on how to buy Solana (SOL) on Bittime.

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