The Comissão de Valores Mobiliários (CVM), a Brazilian counterpart of the US Securities and Exchange Commission, has approved QR Asset’s Solana exchange-traded fund (ETF).
Meanwhile, this is the first Solana ETF in Latin America, putting Brazil ahead of the United States, where the SEC is still reviewing several Solana ETF proposals. The decision by CVM represents a major milestone for Brazilian market participants as it reinforces Brazil’s position in the global crypto space.
However, B3, which operates the country’s stock exchange, still needs to endorse the ETF. If it goes through, Brazilians will have an alternative way of investing in Solana (SOL).
Theodoro Fleury, manager and CIO at QR Asset, stated,
“This ETF demonstrates our commitment to provide quality and diversification for Brazilian investors” during an interview.
The introduction of the Solana ETF over the next few weeks could impact its price and overall market performance.
Solana’s Current Market Performance
At press time, Solana (SOL) was trading at $147.66, with a 24-hour trading volume of $4,220,266,203, according to coingecko data. In the previous 24 hours, Solana dropped by 2.03% but grew by almost 33.99% over the whole week. Solana’s market capitalization is around $70.2 billion, with 470 million SOL in circulation.
Solana has witnessed a significant rise in the number of its price swings lately as illustrated by its low and high figures which came in at $141.25 and $153.87 respectively within 24 hours. It is important to consider these levels for potential resistance and support for this asset.
Solana’s value jumped from its low support level at $141.25 recently and it is now heading up towards resistance around $153.87.Traders will closely monitor if Solana can break this barrier, which may push prices towards next resistivity level at $156.00.
Technical Analysis: Bearish Indicators
SOL’s recent technical indicators indicate a bearish outlook. The RSI is now at 25.51, meaning the asset is oversold. This could signal a possible rebound in price if buying pressure picks up. Nevertheless, the RSI keeps on dropping, confirming that selling is still stronger than any upward continuation.
The MACD indicator also indicates some bearishness, as evidenced by the MACD line being substantially below the signal line at -0.75. This adds to the ongoing downtrend, suggesting that the bears may be here to stay longer.
Source: TradingView
Moreover, the AO has negative values and a red histogram, indicating increasing bearish pressure. The absence of green bars in the AO suggests that unless a clear reversal pattern occurs, the downtrend might continue.
Potential Price Rebound or Further Decline?
The current technical analysis shows that Solana’s price is at a decisive point. The asset is trading around crucial resistance levels, and its next direction can predict the short-term trend. If Solana breaches resistance at $153.87, it could climb to the $156.00 level. However, if it fails to do so, it might retrace back to support at $141.25.
Market participants must keep an eye on how Solana reacts to these technical levels especially the volume traded around them. Brazil approving the ETF for Solana could be a positive contribution thus spurring demand and raising its value as well. Nevertheless, general market sentiment and current technical indicators advise prudence due to selling pressure on the asset.
The post Solana (SOL) Price Prediction August 12: Solana Dips to $150 -Could Brazil’s ETF Approval Spark a Rebound? appeared first on Coinfomania.
