In the race for cryptocurrency ETF approval, Solana stands out with promising prospects, potentially edging ahead of XRP. At the moment, Solana’s price stands at $179.82, with a notable 24-hour trading volume of approximately $3.28 billion.
Over the last day, Solana has appreciated by 6.75%, pushing its market capitalization to nearly $83.55 billion and securing the fifth rank. The circulating supply of Solana is 464.61 million SOL coins.
Can SOL Beat XRP to Secure ETF Approval?
The contest for the first cryptocurrency ETF approval is intensifying, with Solana and XRP at the forefront. Solana appears to have a smoother path toward approval compared to XRP, which is currently entangled in legal issues with the SEC.
As the cryptocurrency market evolves, these developments highlight significant investor interest in regulated crypto exposure.
Expert Insights on Cryptocurrency ETFs
At the Bitcoin Conference 2024, BlackRock’s Robert Mitchnick expressed skepticism regarding the immediate approval of Solana and XRP ETFs.
Citing their nascent market positions relative to established players like Bitcoin and Ethereum, Mitchnick pointed out the challenges of regulatory acceptance due to their current market maturity and liquidity levels.
“Altcoins need to demonstrate substantial market cap and regulatory compliance to meet ETF criteria,” Mitchnick explained.
Conversely, Nate Geraci, President of The ETF Store, showcased a more optimistic view based on successful cryptocurrency ETPs in Europe. He suggested that with the appropriate regulatory adjustments, the U.S. could see similar successes.
“European markets have shown that with proper regulation, cryptocurrency ETPs can flourish,” Geraci noted.
Matthew Sigel from VanEck highlighted Solana’s potential due to its technological strengths and market acceptance.
“Solana’s attributes like high transaction speed and decentralization align well with what’s required for ETF approval,” Sigel remarked, suggesting a possible favorable outcome for Solana in the near future.
Future Outlook and Regulatory Impact: With the SEC’s recent openness to Ethereum ETFs, the market is optimistic about future approvals.
As 2024 progresses, the outcome of these ETF applications could significantly influence investor sentiment and market dynamics, heralding a new era of cryptocurrency investment through regulated channels.
Solana Price Forecast
On the 4-hour chart, Solana’s price action has developed a bullish ‘Three White Soldiers’ pattern, indicating a strong upward momentum, particularly after surpassing the $175.70 mark.
The current pivot point is observed at $170.86, providing foundational support for the uptrend.
#Solana shows strong momentum, climbing to $179.82 with a $3.28B trading volume! Up 6.75% in 24 hrs, with bullish signals pointing towards $180+. Keep an eye on #SOL as it tests new resistances. #CryptoNews #TechnicalAnalysis pic.twitter.com/OIr5M52zIO
— Arslan Ali (@forex_arslan) July 26, 2024
Key Price Levels:
Immediate Resistance: The first resistance is forming near $180.00. Subsequent Resistance: A further climb might test the $184.88 resistance level.Technical Indicators:
Relative Strength Index (RSI): The RSI is at 58.45, which suggests growing bullish momentum without entering the overbought territory. 50-Day Exponential Moving Average (EMA): Positioned at $170.86, it underscores a bullish bias as the market price remains above this level.
Market Sentiment and Outlook: The bullish indicators and significant trading volume hint at continued investor interest in Solana.
If the cryptocurrency sustains above the pivot point of $170.86, we may witness further ascension towards $180 and potentially $184.88.
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