Cryptocurrency

Solana

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Bitcoin ETF

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Cryptocurrency community members were hopeful that the approval of a spot Bitcoin Exchange Traded Fund (ETF) in the United States could lead to a bullish momentum. Nevertheless, it didn’t happen, but now in Solana’s SOL, there is a bullish sign that may take Solana’s SOL to the $200 mark. Solana’s SOL technical analysis and its bullish outlook 
However, we all witnessed a significant over 330% price surge in SOL last year from $20 to the current price of $98.50. After asignificant upside momentum, SOL is currently in a correction phase. There is another chance that may cause a similar price surge this year in 2024. 
According to expert technical analysis, there are currently two potential price action patterns that Solana’s SOL is exhibiting on its chart. The first is a bullish flag and pole pattern on a daily time frame, and the other, on a weekly time frame, is the formation of an inverted head and shoulder bullish price action pattern that SOL may experience in the coming days. Overall, SOL is bullish as it is trading above the 200 EMA (Exponential Moving Average).
The ongoing price correction in SOL is causing the formation of a flag and pole pattern structure on a daily time frame, and currently, it is on the verge of a breakout. If a breakout of this bullish flag and pole pattern occurs, and the daily candle closes above $107, then initially, we may see a bullish momentum till $135. Source: TradingView 
Additionally, when observing Solana’s SOL on a weekly time frame, it is currently forming an inverted head and shoulder bullish price action pattern. SOL is trading near $98, and in the future, it may reach the $135 level to complete this bullish price action pattern. Once this pattern is formed, and SOL gives a breakout of this inverted head and shoulder pattern, we may see a price surge to $200. Source: TradingView Solana ETF? Interest from Franklin Templeton 
Apart from this technical analysis, one more thing that still supports this bullish view of Solana is the anticipation of an exchange-traded fund for Solana, following the approval of the Bitcoin ETF. Recently, <a href="https://news.todayq.com/solana-etf-speculations-rise-over-franklin-templetons-new-x-post/" rel="noopener noreferrer nofollow">Franklin Templeton</a>, an asset management giant with over a trillion dollars in assets, added more excitement to the Solana ETF speculation.
Franklin Templeton has been leading the charge for integrating digital assets into the traditional financial space for years, and they're setting their eyes on Solana 🔥Can't wait to see what the future holds
They praised Solana’s blockchain for its progress in decentralized finance (DeFi), infrastructure development, innovation in non-fungible tokens (NFTs), and the rise of meme coins. It’s worth noting that the company already has a Bitcoin ETF called EZBC and is now aiming for a Solana ETF.
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