Solana

Bitcoin ETF

Solana price has rallied by more than 8% in 24 hours bringing its seven-day bullish outlook close to 10% after <a href="https://coingape.com/bitcoin-etf-inflows-continue-ahead-us-gdp-data-whats-next-for-btc-price/">Bitcoin ETF</a> operator VanEck filed for a <a href="https://coingape.com/vaneck-files-solana-etf-us-sec/">Solana ETF</a>. 
The competitive cryptocurrency immediately started defying the bearish landscape in the market which has seen major assets like Bitcoin and Ethereum remain significantly suppressed in the last two weeks. 
Solana hovered at $147 during US business hours on Thursday. The token seemed poised to breach resistance at $150. Should traders buy SOL due to the VanEck proposal, a recovery to $200 could follow. 
<h2 class="p1" id="vaneck-files-for-solana-etf">VanEck Files For Solana ETF</h2> 
VanEck has gone down in history as the first company to file for a spot Solana exchange-traded fund (ETF) according to a post on X by Mathew Sigel, the head of digital assets research. 
This comes months after the firm received a license to operate a spot Bitcoin ETF and weeks following the approval of a spot Ethernet ETF. 
According to the communication, VanEck believes Solana to be a commodity due its open-source blockchain technology that has been designed to host different applications. 
“We believe the native token, SOL, functions similarly to other digital commodities such as #bitcoin and #ETH. It is utilized to pay for transaction fees and computational services on the blockchain. Like ether on the Ethereum network, SOL can be traded on digital asset platforms or used in peer-to-peer transactions,” Sigel added explaining why Solana is a commodity just like Bitcoin and Ethereum. 
VanEck’s conviction hinges on Solana’s decentralized nature and high utility not to mentioned the protocol’s economic feasibility, reflecting existing commodities. 
<blockquote class="twitter-tweet"> 
 I am excited to announce that VanEck just filed for the FIRST Solana exchange-traded fund (ETF) in the US. 
 Some thoughts on why we believe SOL is a commodity are below. 
 Why did we file for it? A competitor to Ethereum, Solana is open-source blockchain software designed to… <a rel="nofollow" href="https://t.co/XwwPy8BXV2">pic.twitter.com/XwwPy8BXV2</a> 
 — matthew sigel, recovering CFA (@matthew_sigel) <a rel="nofollow" href="https://twitter.com/matthew_sigel/status/1806313241431138434?ref_src=twsrc%5Etfw">June 27, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
Immediately after Ethereum ETFs were approved in the US, attention turned to potential crypto projects with the potential to follow in the footsteps of BTC and Ether. 
<a href="https://coingape.com/markets/xrp-price-analysis-hints-a-rally-to-0-7-as-xrp-etf-speculations-rise/">XRP</a> and Solana emerged as the most viable candidates with opinion leaders predicting that spot ETFs for the digital assets could come before the end of the year. 
Ripple recently made another stride in the lawsuit against the Securities and Exchange Commission (SEC) which dropped the proposed penalty from $2 billion to $102.6 million. 
As the case heads for trial, a positive outcome could bolster the chances of a spot <a href="https://coingape.com/xrp-price-to-hit-2-analyst-predicts-amid-massive-whale-movements/">XRP ETF</a>. Meanwhile, VanEck’s proposal suggests that the tide is about to turn, especially for top altcoins. 
<h2 class="p1" id="solana-price-forecast-navigating-the-bullish-momentum">Solana Price Forecast: Navigating The Bullish Momentum</h2> 
Solana price retested the double bottom support near $120 amid the sell-off experienced this month. The last time SOL dropped to this level was in early May culminating in a commendable rebound to $188. If traders turn to Solana in their numbers, a breakthrough to $200 would be possible perhaps in the short term. 
<figure id="attachment_204771" aria-describedby="caption-attachment-204771" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-204771" src="https://coingape.com/wp-content/uploads/2024/06/SOLUSD_2024-06-27_20-16-20.png" alt="Solana price forecast chart | Tradingview" width="2694" height="1444" srcset="https://coingape.com/wp-content/uploads/2024/06/SOLUSD_2024-06-27_20-16-20.png 2694w, https://coingape.com/wp-content/uploads/2024/06/SOLUSD_2024-06-27_20-16-20-300x161.png 300w, https://coingape.com/wp-content/uploads/2024/06/SOLUSD_2024-06-27_20-16-20-1224x656.png 1224w, https://coingape.com/wp-content/uploads/2024/06/SOLUSD_2024-06-27_20-16-20-768x412.png 768w, https://coingape.com/wp-content/uploads/2024/06/SOLUSD_2024-06-27_20-16-20-1536x823.png 1536w, https://coingape.com/wp-content/uploads/2024/06/SOLUSD_2024-06-27_20-16-20-2048x1098.png 2048w, https://coingape.com/wp-content/uploads/2024/06/SOLUSD_2024-06-27_20-16-20-150x80.png 150w" sizes="(max-width: 2694px) 100vw, 2694px">
 <figcaption id="caption-attachment-204771" class="wp-caption-text">
 Solana price forecast chart | Tradingview
 </figcaption>
</figure> 
Currently, a break above the 200 EMA around $148 is required to reinforce the bullish outlook. However, with the Relative Strength Index (RSI) reaching above 70, a bullish outcome is highly likely in the coming days. 
The post <a href="https://coingape.com/markets/2-actions-to-take-as-solana-explodes-targeting-200/">2 Actions To Take As Solana Explodes Targeting $200</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

2 Actions To Take As Solana Explodes Targeting $200

Table of Contents

Coingape News Media

Other articles published on Jun 27, 2024

ORA Secures Major Funding to Advance AI Model Tokenization

MoonBag Dominates as Top Crypto Presale in 2024: Higher Returns Than Hedera and ICP

Crypto Staking: A Beginner’s Guide To Earn Crypto Rewards On CryptoHeap

After A Spectacular Propulsion In POPCAT, What Lies Ahead Next?

MiCA Regulation: 80% Of Crypto Companies Are Unaware Of This Crucial Deadline!

Why Solana Could Hit $2000: SOL Price Prediction

Join our free newsletter for daily crypto updates!