Solana ($SOL) projects optimism ahead of Spot Ether ETF’s final approval

Solana ($SOL) is exchanging hands at $165.03, up by 3.50% in the last 24 hours, at the time of writing this article. Speculation is that SOL will breach a higher mark in the coming days, especially under the positive influence of Bitcoin ($BTC) and Ethereum ($ETH). Ali_Charts, for one, has backed this speculation. 

It is the result of the pattern that SOL has formed over the past few months. Solana has drawn a sideways triangle with a constant reduction in fluctuations. Prices have certainly moved, but they have remained within a defined range. It could take a stronger position in the coming days. Spot Ether ETF’s final approval and live trading tentatively by July 23, 2024, will pave the way for more crypto ETFs. SOL is believed to be next in line.

Interestingly, the current price jump represents a surge of 20.41% over the last 7 days and 16.92% over the last 30 days. There is also a notable uptick of 4.435 in the 24-hour trading volume at press time. Upcoming targets are on the higher side, with the potential to take the crypto in discussion closer to the mark of $200. It could go as high as $183.17 in the next 30 days. That would be a surge of 14.31% from the current value. First, it is important to mark an upswing of at least 0.44% in the next five days. Thereby, taking SOL to $160.93.

Prevailing sentiments are bullish, and the FGI shows 61 points for greedy emotions. The token has seen green trades for 60% of the days in the last month and has a volatility of 5.24% at the moment. The 14-day RSI is 57.32, with the 50-day SMA and 200-day SMA of $148.21 and $137.46, respectively, that are applicable in the same order.

Ophelia Snyder, the co-founder of 21Shares, has predicted a bullish sentiment for SOL and substantial growth for the crypto market. Snyder believes that cryptocurrencies are still in the initial stages of adoption and that there is potential for growth in the times to come. Interestingly, 21Shares has filed to list Solana ETF in the US market.

The community is also bullish. Several members are saying that the Solana revolution is coming.

The recent surge in the value of cryptocurrencies, including SOL, has been linked to the assassination attempt on Donald Trump. On July 27, 2024, in Tennessee, the former US President will give a speech at the Bitcoin 2024 Conference.

SOL surpassing $160 by the end of July 2024 would be the second time since it did so on July 15, 2024. The market cap was recorded at $69.02 billion, followed by an uptick to $71.10 billion the next day. That was also when the digital asset peaked at $162.59. The highest value was $163.69 as of July 17, 2024.