Potential Impacts of Spot Solana ETF Approval on SOL Price
Traders are optimistic about SOL's price reaching new heights if the SEC approves spot ETFs. Current patterns suggest significant upward potential.
SOL traders are betting on the altcoin as they anticipate approval for spot ETFs from the SEC this week. With the price of Solana’s token, SOL, currently at $230—up 20% from $191—optimism is rising regarding spot ETFs.
Upcoming Decisions on ETFs
The US Securities and Exchange Commission (SEC) is set to review nine applications for spot Solana ETFs by Friday. Analysts indicate a high probability for approval thanks to regulatory clarity.
“This week promises to be pivotal for Solana as the ETF decision deadline approaches,” said crypto YouTuber Lark Davis.
“High chances we get the approval this week.”
Bloomberg analysts are also predicting an exceptionally high chance of approvals, which may usher in institutional support for SOL.
Technical Patterns and Price Predictions
SOL is showing two bullish flag patterns that could lead its price to rally toward targets of $290 and even $345.
Investors should prepare for significant market movements contingent on SEC’s decisions regarding the ETFs, as past trends have indicated that approvals could channel billions into the market. Buyers appear to be in control, boosting chances of breaking through the $260 resistance.
Disclaimer: This article does not constitute investment advice. Always conduct your own research before making investment decisions.
