Solana, an asset that has outperformed the market, could be poised for major swings amid sideways trading. First, institutional investors are stepping up their efforts to create ETFs in the United States. On Sept. 21, the Cboe BZX exchange filed several applications to list spot ETF products. Of the companies that applied, 19b-4 are VanEck, Canary Capital, 21shares and Bitwise.
The main reason for the surge was that the application was submitted at the time of Gary Gensler's resignation announcement. The current administration's stance on cryptocurrencies had restricted institutional investments for years before the bitcoin-Etf spot was approved on September 11. #Solana products have also shown a steady influx of funds.
additionally, Solana has received a huge boost after the initial rumors of Gensler's resignation. Other crypto-assets, which are under the jurisdiction of the Securities and Exchange Commission, received similar inflows, and the bulls rushed to new highs. Traders expect the new confidence in the market to be the catalyst for a sharp rise.
Solana-based memo coins are gaining in volume, although the overall index is still in the red zone. Solana tokens have played a key role in the growing demand for #meme coins during the 100x asset growth in the first quarter of 2024. At the time of publication, daily bearish sentiment was negating gains, but Bonk still maintains a weekly advantage.
Memecoin is a volatile asset that fluctuates quickly depending on the direction of the overall market. An optimistic outlook for #bitcoin could offer resistance to Memecoin as it is around 998k. The transition of the market leader beyond the 100 thousand mark will be a bullish signal for an upward movement.
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