Solana Price Prediction as Chartered Eyes Standard SEC Approval for More Crypto ETFs – SOL 10x Next?

Last updated: May 27, 2024 00:02 EDT | 3 minutes of reading

The SOL/USD pair maintains an uptrend, rising near $170 and reaching an intraday high of $170.26, suggesting an uptrend. Solana Price Prediction. Standard Chartered’s interest in SEC approval of more crypto ETFs, including Solana, is fueling speculation and optimism.

Positive market momentum and technical indicators support a potential upside, with forecasts suggesting that Solana could see significant growth, possibly surpassing $200.

Solana and XRP ETFs could increase prices by 2025: Standard Chartered forecasts

Geoffrey Kendrick, Head of Forex and Digital Assets Research at Standard Chartered Bank, predicts that cryptocurrency ETFs for Solana and XRP could 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.

He expects significant institutional investments in Ethereum ETFs, which could solidify Bitcoin and Ethereum’s dominance in the market, leading to new ETF approvals for other major cryptocurrencies.

Kendrick highlights the need for regulatory clarity and policy support to foster a favorable environment for digital assets.

These forecasts suggest that potential ETF approvals for Solana and XRP by 2025 could have a positive impact on Solana’s price as increased institutional investment boosts overall market sentiment.

Positive inflows into US Bitcoin ETFs boost investor confidence

Since the SEC approved Ethereum (ETH) spot exchange-traded funds (ETFs), US Bitcoin spot ETFs have seen ten consecutive days of positive inflows, totaling $251.94 million as of May 24.

The main players in this surge are BlackRock’s iShares Bitcoin Trust (IBIT) with $182 million and the Fidelity Wise Origin Bitcoin Fund (FBTC) with $44 million. Meanwhile, the Grayscale Bitcoin Trust ETF (GBTC) reported no new investments.

Despite the excitement surrounding spot Ethereum ETFs, their launch is awaiting SEC approval of S-1 filings. Analysts expect this process to take a few weeks, which could impact overall market sentiment.

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 is a crucial level for determining the direction of the trend. 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 $168.59, suggesting a downtrend.

Solana Price Prediction

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 breaks below the immediate support at $156.75, it could further decline towards $151.08 and $144.08. Investors should closely monitor these key levels to gauge potential market movements.

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Disclaimer: The text above is an advertising article and is not part of Cryptonews.com editorial content.

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