💥💥💥 #SolanaPrice Prediction as Standard Chartered Eyes SEC Approval for More Crypto ETFs – Will $SOL 10x Next?
Bullish Momentum for Solana Amidst Positive Market Sentiment
The SOL/USD pair continues its bullish trend, nearing $170 and reaching an intraday high of $170.26. Standard Chartered's interest in SEC approval for more crypto ETFs, including Solana, fuels optimism & speculation.
Potential Impact of Solana & $XRP ETFs by 2025
Geoffrey Kendrick, Head of Forex and Digital Assets Research at Standard Chartered Bank, predicts #cryptocurrency ETFs for Solana & XRP could be approved by 2025, following Ethereum spot ETF approvals by the SEC. He suggests Ethereum’s approval sets a precedent for other cryptocurrencies, potentially leading to significant institutional investments. This could enhance the market dominance of Bitcoin & Ethereum, paving the way for Solana and XRP ETFs.
Positive Inflows into #BitcoinETFs Boost Confidence
- Since the SEC approved spot Ethereum ETFs , US spot Bitcoin ETFs have experienced ten consecutive days of positive inflows, totaling $251.94 million as of May 24. Leading this surge are #BlackRock ’s iShares Bitcoin Trust (IBIT) with $182 million & Fidelity Wise Origin Bitcoin Fund (FBTC) with $44 million. This trend highlights growing investor confidence in the cryptocurrency market, which could positively influence Solana’s price.
Solana Price Analysis
Solana (SOL) is currently trading at $165, reflecting a modest increase of over 1%. Key levels to watch include:
- Resistance: $170.37, $176.66, and $183.26.
- Support: $156.75, $151.08, and $144.08.
The Relative Strength Index (RSI) stands at 41.51, indicating neutral momentum. The 50-day Exponential Moving Average (EMA) is at $168.59, suggesting a downward trend.
Solana’s position above the pivot point at $160.54 suggests potential upward movement. Breaking above immediate resistance at $170.37 could push it towards $176.66 and $183.26. Conversely, falling below $156.75 could lead to further declines. Investors should closely monitor these levels.
