- Solana is experiencing a bullish trend, with its price nearing $170, driven by positive market dynamics and speculation around new crypto ETFs.
- Standard Chartered Bank’s interest in SEC approval for more crypto ETFs, including Solana, is fueling optimism in the market.
- Geoffrey Kendrick from Standard Chartered predicts significant growth for Solana if ETFs are approved, potentially surpassing $200.
Discover the latest insights on Solana’s price prediction and the impact of potential ETF approvals on its market trajectory.
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.
Institutional Investments and Market Sentiment
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, totaling $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.
Impact on Solana’s Market Sentiment
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.
Key Levels to Watch
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.
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Conclusion
Solana’s bullish trend, driven by market optimism and potential ETF approvals, suggests a promising future for the cryptocurrency. Investors should keep an eye on key resistance and support levels to navigate potential market movements. Additionally, the Sealana presale offers an exciting opportunity to engage with the Solana ecosystem. As the market evolves, regulatory clarity and institutional investments will play crucial roles in shaping Solana’s trajectory.
