Buzz Over Solana ETF Clashes with SOL Price Dip
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Recent speculation concerning a Solana (SOL) ETF application by VanEck and further interest from 21Shares led to a brief 10% price hike. However, the bullish momentum has since dwindled, resulting in a 7.46% price drop due to market sell-offs. The RSI indicates bearish momentum, and SOL’s price may decline further if the selling continues. Predictions from GSR suggest that if approved, the Solana ETF could draw significant Bitcoin inflows, potentially pushing SOL's price to $1,192 in the long term. Nonetheless, the short-term outlook remains uncertain, with an observed CVD indicating more selling than buying. Patterns suggest a bearish continuation, potentially pushing the price to $126.94. An increase in buying pressure or overselling could reverse this trend, pushing SOL back to $145.25. Meanwhile, Galaxy Research expresses skepticism about the U.S. SEC's approval of the Solana ETFs, citing various hindrances.
Source: beincrypto.com ↗
