Solana Price Prediction as Standard Chartered Eyes SEC Approval for More Crypto ETFs – Will SOL 10x Next?
The SOL/USD pair maintains a bullish trend, reaching near $170 and hitting an intraday high of $170.26, suggesting a bullish Solana price prediction. Standard Chartered’s interest in SEC approval for more crypto ETFs, including Solana, is fueling speculation and optimism.
Positive market dynamics and technical indicators support a potential surge, with predictions suggesting Solana could see significant growth, possibly surpassing $200.
Solana and XRP ETFs Could Boost Prices by 2025: Standard Chartered Predicts
Geoffrey Kendrick, Head of Forex and Digital Assets Research at Standard Chartered Bank, predicts that cryptocurrency ETFs for Solana and XRP might be approved by 2025, following the recent approval of Ethereum spot ETFs by the SEC.
Kendrick argues that Ethereum’s approval sets a precedent for similar cryptocurrencies, potentially paving the way for XRP and Solana ETFs.
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He expects significant institutional investments in Ethereum ETFs, which could enhance Bitcoin and Ethereum’s market dominance, leading to further ETF approvals for other major cryptocurrencies.
Kendrick highlights the need for regulatory clarity and political support to foster a favorable environment for digital assets.
These predictions suggest that potential ETF approvals for Solana and XRP by 2025 could positively impact Solana’s price, as increased institutional investments boost overall market sentiment.
Positive Inflows into US Bitcoin ETFs Boost Investor Confidence
Since the SEC approved spot Ethereum (ETH) exchange-traded funds (ETFs), US spot Bitcoin ETFs have seen ten straight days of positive inflows, totalling $251.94 million as of May 24.
Leading this surge are BlackRock’s iShares Bitcoin Trust (IBIT) with $182 million and Fidelity Wise Origin Bitcoin Fund (FBTC) with $44 million. Meanwhile, Grayscale Bitcoin Trust ETF (GBTC) reported no new investments.
Despite the excitement around spot Ethereum ETFs, their launch awaits SEC approval of S-1 filings. Analysts expect this process to take a few weeks, which could impact overall market sentiment.
The positive inflows into US spot Bitcoin ETFs following the SEC’s approval of Ethereum ETFs highlight growing investor confidence in the cryptocurrency market. This trend could positively influence Solana’s price as market sentiment continues to improve.
Solana Price Prediction
Solana (SOL) is currently trading at $165, reflecting a modest increase of over 1%. The green line on the chart marks the pivot point at $160.54, which serves as a crucial level for determining the trend direction. Immediate resistance levels are at $170.37, $176.66, and $183.26.
On the downside, support levels are positioned at $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.
Overall, Solana’s position above the pivot point suggests a potential upward move. However, it faces immediate resistance at $170.37, and a break above this level could push it further towards $176.66 and $183.26.
On the other hand, if the price falls below the immediate support at $156.75, it could decline further towards $151.08 and $144.08. Investors should closely monitor these key levels to gauge potential market movements.
As Solana continues its upward trajectory, attention now turns to the promising Sealana presale, offering investors a new opportunity.
Sealana Presale
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This adorable seal is completely engrossed in the degen market, tirelessly searching for the next big Solana meme coin. His relentless pursuit keeps his flippers busy, and his living room is a delightful mess.
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— Sealana (@Sealana_Token) May 13, 2024
Join the excitement and be part of the Sealana journey. The presale offers a chance to buy $SEAL at just $0.022 per token. With a current raise of around $3 million, the Sealana presale is gaining impressive traction.
Don’t miss out on this opportunity to dive into the Solana ecosystem with Sealana.
Disclaimer: The text above is an advertorial article that is not part of Cryptonews.com editorial content.
