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Solana Price Edges Closer To Breakout As Brazil Approves Spot SOL ETF

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4 months ago

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Solana price relaunched its recovery bid following news of Brazil’s Securities and Exchange Commission (SEC) approving the first spot SOL ETFs in the country. The ETF nod and an increase in open interest and trading volume add credence to SOL’s bullish outlook in August.

Spot SOL ETF Greenlight Sparks Solana Price Rally

Solana price maintained its earlier revamped bullish case after the Brazil SEC made history by approving the first spot SOL ETF on Wednesday, 7. The move puts the crypto landscape in the country ahead of other jurisdictions, including the US, which has only approved two spot ETF products: Bitcoin ETFs in January and Ethereum ETFs in July.

However, Brazil is the second country to make this bold step after the first Solana exchange-traded product (ETP) in Switzerland went live in June courtesy of 21Shares.

According to a local publication, Exame, the ETF product will mirror the CME CF Solana Dollar Reference Rate index, established by CF Benchmarks, channeling support from the Chicago Mercantile Exchange (CME).

Nonetheless, the actual launch date of the Solana ETF remains unknown as it has to get approval from the Brazilian stock exchange, B3. QR Asset, an asset manager, is responsible for creating the ETF, which will be managed by Vortx.

QR Asset’s Manager and Investment Director, Theodoro Fleury, in a statement, said, “This ETF reaffirms our commitment to offering quality and diversification to Brazilian investors.” He added, “We are proud to be global pioneers in this segment, consolidating Brazil’s position as a leading market for regulated investments in crypto assets.”

The approval of a Spot Solana ETF in Brazil comes at a time when the crypto community has high expectations for similar products in the US. After the SEC approved Ethereum ETFs in July, focus shifted to other top altcoins, including a spot XRP ETF.

SOL Price On The Cusp Of A Major Rally

Solana price flipped bullish on Tuesday after Monday’s black swan event, which culminated in a crash to $110. The V-shaped trend reversal soared above the $130, $140, and $150 hurdles before stalling at $155 and correcting to $142 during the American session on Wednesday.

News that Brazil will soon debit SOL ETFs triggered another bullish event as traders bought more dips, driving the price to $158. Although SOL price had pulled back to exchange at $154 at the time of analysis, the 50-day Exponential Moving Average (EMA) provided immediate support.

Based on the previous Solana price prediction, bulls must breach the 200-day EMA resistance at $158 to bolster the next move above $160. A buy signal from the Super Trend indicator strengthens the bullish thesis and may increase the probability of Solana climbing to $200.

Solana price chart | TradingviewSolana price chart | Tradingview
SOL price chart | Tradingview

Solana price faces two short-term challenges at the 200-day EMA and $160. Without a sustained break above these key levels, sellers cannot be ignored, as they will likely increase their presence to push for a retracement. In that case, traders must be alert and aware of a potential pullback to support areas $150 and $140, which serve as key DCA levels.

Frequently Asked Questions (FAQs)

Yes, the 21Shares operated Solana ETF in Switzerland, and Brazil’s SOL ETF will be the second product.

It is possible that BlackRock will apply for operate a Solana ETF but no one know when its likely to happen.

Solana is an asset with strong recovery potential. It may surprise everyone by zooming past $200. Consider it crashed to $110 on Monday, and its trading close to $160 on Thursday.

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John Isige

John is a seasoned crypto expert, renowned for his in-depth analysis and accurate price predictions in the digital asset market. As the Price Prediction Editor for Market Content at CoinGape Media, he is dedicated to delivering valuable insights on price trends and market forecasts. With his extensive experience in the crypto sphere, John has honed his skills in understanding on-chain data analytics, Non-Fungible Tokens (NFTs), Decentralized Finance (DeFi), Centralized Finance (CeFi), and the dynamic metaverse landscape. Through his steadfast reporting, John keeps his audience informed and equipped to navigate the ever-changing crypto market.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Price analysis

Will Toncoin Price Hit $10 After Recent 20% Rally?

Published

10 hours ago

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November 24, 2024

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Toncoin price, a Telegram-affiliated altcoin, has experienced significant growth amid widespread market optimism this month. Recent trends reveal TON is making strides toward the $10 mark, driven by increasing bullish momentum and heightened trading activity. The cryptocurrency’s upward trajectory mirrors the broader crypto market rally, showcasing notable gains across multiple digital assets.

Can Toncoin Price Surpass $10 After Recent Gains?

Toncoin price has gained significant momentum recently, breaking past $6 after months of subdued activity. The cryptocurrency surged 15% over the past week, with an impressive 20% jump just today.

This rapid rise is attributed to Toncoin’s listing on the largest stock exchange in South Korea and its strategic expansion into the U.S. market. These moves have increased investor confidence, fueling demand and pushing prices higher.

The broader crypto market also witnessed bullish trends on Saturday, driving a wave of optimism globally. Bitcoin remains stable at $98,000, while altcoins, including Toncoin, continue to show upward momentum.

TON Price Surges 10% Amid Bullish Momentum

The latest TON price has shown a remarkable surge, climbing 20% within the past day. The cryptocurrency is now valued at $6.40, with its price performance displaying significant momentum. TONcoin reached an intraday high of $6.58, signaling a strong bullish trend.

Despite its recent gains, TON remains 20.91% below its all-time high of $8.24, recorded on June 15, 2024. However, the token has achieved a staggering increase of 1567.46% since its all-time low of $0.3906 on September 20, 2021.

The layer 1 maintains bullish momentum, with market conditions pushing prices upward despite resistance at the $7 mark. The cryptocurrency recently faced rejection at this price level, highlighting challenges in sustaining its upward trajectory.

Toncoin could overcome this hurdle if buyers increase pressure and extend its rally. Potential targets include $9 and $10, representing nearly a 50% surge from current levels. The Relative Strength Index (RSI), currently at 71, indicates that Toncoin is in the overbought region. 

Will Toncoin Price Hit $10 After Recent 20% Rally?Will Toncoin Price Hit $10 After Recent 20% Rally?
Toncoin Price Chart: TradingView

According to Coinglass, Toncoin’s derivatives market has witnessed a remarkable surge in activity. The trading volume soared, indicating heightened investor interest in the cryptocurrency. Additionally, open interest in Toncoin climbed high. This rise reflects a growing number of active positions in the derivatives market, signaling robust engagement from traders.

Will Toncoin Price Hit $10 After Recent 20% Rally?Will Toncoin Price Hit $10 After Recent 20% Rally?
Source- Coinglass

Toncoin’s recent rally showcases strong market momentum fueled by strategic expansions and bullish trends. While resistance at $7 poses challenges, increased investor interest and trading activity suggest potential for further growth, with $10 remaining an achievable target for TON enthusiasts.

Frequently Asked Questions (FAQs)

Toncoin surged due to its South Korean exchange listing and U.S. market expansion.

Toncoin’s all-time high was $8.24, reached on June 15, 2024.

Toncoin has surged 1567.46% from its all-time low of $0.3906 in 2021.

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CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Analyst Who Accurately Predicted Solana Price Rally Shares Next Target

Published

20 hours ago

on

November 23, 2024

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A popular cryptocurrency analyst who accurately predicted the ongoing Solana price surge has made another bold prediction as the coin rally gains steam.

Solana Price Forecast As Pro Makes Bold Prediction

In an X post, Crypto Bullet, an analyst with over 141,000 followers, predicted that the SOL price would jump to as high as $600 in the near term. If accurate, such a move would imply a 135% increase from the current level.

His forecast was notable since he accurately predicted the price action in April when the coin was consolidating. His main point is that the SOL coin has just completed a six-month consolidation, which could usher in a strong comeback in the coming months. 

Crypto Bullet Solana Forecast
Crypto Bullet Solana Forecast

While his SOL price forecast is bold, some analysts believe that the coin has more room to rally in the long term. As we wrote earlier this week, one analyst believes that the SOL coin will soar to $5000.

Fundamentally, Solana is firing on all cylinders, helped by the ongoing boom in meme coins. All meme coins in the ecosystem have hit a market cap of over $20 billion, while DEX protocols have handled over $102 billion in volume. That is higher than what Ethereum and Base have handled, combined. 

There are also odds that there will be a spot Solana ETF in 2025 when Gary Gensler’s tenure at the Securities and Exchange (SEC) ends and he is replaced by a crypto-friendly head.

Weekly Chart Suggests More SOL Upside

The weekly chart suggests that the Solana price has more upside to go. On the chart below, we see that the coin formed and completed the formation of a cup and handle pattern. This pattern is made up of a horizontal line connecting two swings and a rounded bottom. The swings in this case were at $205, its highest level in March this year and December 2021.

Solana price then formed the handle section between March and November and made a strong breakout that pushed it to $260, which was its highest point in 2021.

Solana Price ChartSolana Price Chart
Solana Price Chart

By measuring the distance between the upper and lower side of the cup, we can estimate that the long-term Solana price forecast is $6,355. The caveat is that the C&H pattern can take many months or years to complete.

Conversely, a drop below the support at $205 will invalidate the short-term bullish view for the coin.

Frequently Asked Questions (FAQs)

Analysts cite Solana’s strong technicals and fundamentals, pointing to more gains in the coming months. It has formed a cup and handle pattern as its DEX volume jumps.

Analysts believe that the coin can jump to between $400 and $600 in the ongoing crypto bull run as demand rises.

The main reason is the ongoing demand for Solana meme coins like Dogwifhat, Bonk, and Goatseus Maximus.

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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Dogecoin (DOGE)

3 Tokens Ready to 100x After XRP ETF Gets Approval

Published

2 days ago

on

November 22, 2024

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The cryptocurrency market is turning bullish, with several tokens showing strong potential. Three standout coins have displayed remarkable growth, positioning themselves as prime investment opportunities. This optimism follows growing anticipation surrounding an XRP ETF approval, sparking confidence among investors. The market’s momentum suggests further gains may be on the horizon.

3 Tokens That Could Be the Next 100x Gems After XRP ETF Approval

For the first time in three years, Ripple’s XRP surpassed $1.4, climbing 25% after regulatory shifts and SEC developments. The surge follows SEC Chair Gary Gensler’s announcement of his term ending January 20. Speculation grows about tokens poised for massive growth, with investors eyeing potential 100x opportunities post-XRP ETF approval.

Dogecoin (DOGE)

Dogecoin (DOGE), the popular meme coin featuring a Shiba Inu, has surged 13% in the past week, reaching $0.4084. Over the past year, DOGE’s value climbed 446%, showcasing growing interest in meme-based cryptocurrencies. Dogecoin may be among the three tokens poised to 100x following the potential approval of an XRP ETF. 

This highlights the evolving crypto market dynamics, investor optimism around meme coins, and significant cryptocurrency advancements.

Dogecoin appears ready to surge as technical indicators point to a potential bullish rally in the near future. According to insights from market analysts, meme coins break out of a consolidating triangle pattern, often preceding upward price movements.

3 Tokens Ready to 100x After XRP ETF Gets Approval3 Tokens Ready to 100x After XRP ETF Gets Approval
Source- X

Aureal One

Aureal One has launched its much-anticipated presale for a groundbreaking metaverse platform, attracting significant interest within minutes. The platform uniquely combines blockchain technology with immersive virtual reality, integrating gaming, the metaverse, and real-world applications. 

The advanced Aureal One Blockchain is at its core, which powers two flagship projects: DarkLume and Clash of Tiles. These projects highlight the blockchain’s cutting-edge capabilities, offering interactive experiences that promote community engagement and individual development.

5 Crypto To Buy Today Under $10 To Earn $100K5 Crypto To Buy Today Under $10 To Earn $100K
AurealOne

Aureal One aims to redefine virtual experiences by featuring a robust ecosystem and innovative features, solidifying its position as a leading investment in the metaverse and virtual reality sectors.

Solana (SOL) 

Solana (SOL), an open-source blockchain supporting decentralized applications (DApps), has seen a significant price surge. Over the past 24 hours, the SOL price climbed 4%, reaching a new all-time high of $254. This milestone comes amid broader market gains, positioning Solana as one of the promising tokens ready to 100x following the XRP ETF approval.

Solana’s market value has risen by over 400% in the past year, reflecting robust growth. Data from Coinglass reveals heightened activity in Solana’s derivatives market, with trading volumes and open interest increasing steadily. The expanding options trading volume further underscores the blockchain’s growing appeal among investors. These metrics highlight Solana’s increasing traction in derivatives, signaling strong investor interest.

The cryptocurrency market is primed for further gains. As the XRP ETF sets a new precedent, these top tokens showcase the potential for substantial returns, making them worth monitoring closely.

Frequently Asked Questions (FAQs)

The approval signals mainstream acceptance of XRP and boosts investor confidence.

Dogecoin’s strong community, recent price surge, and technical patterns suggest bullish potential.

Aureal One uniquely blends blockchain, metaverse, and gaming, creating robust investment appeal.

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Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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