Solana Price Rises Amid ETF Approval Odds

Solana price went vertical on Wednesday, November 6, as cryptocurrencies welcomed Donald Trump's win. It jumped to an intraday high of $188.40

Solana (SOL) price soared on Wednesday, November 6, as cryptocurrencies welcomed Donald Trump’s win with enthusiasm. It reached an intraday high of $188.40, marking its highest level since July 29 as a popular Wall Street analyst predicted a SOL ETF approval in the incoming administration.

Solana Price Rises Amid ETF Approval Odds

In an X post, Erick Balchunas, the lead analyst for Bloomberg ETFs, humorously said that his odds for a SOL ETF approval rose to 20% after the election, in which Trump defeated Kamala Harris.

Several companies like Canary Capital, VanEck, and 21Shares have applied for a Solana ETF following the successful launch of Ethereum funds a few months ago.

The SEC, under Gary Gensler, has pushed back on these applications, arguing that Solana was an unregistered security. For the agency to approve the fund under Gensler, then it needs to become regulated, which would include more documentation.

Still, it is unclear whether Wall Street will welcome Solana ETFs since most institutional investors have leaned towards Bitcoin. According to Sosovalue, spot Bitcoin ETFs have accumulated cumulative inflows of $23.5 billion, while Ethereum funds have had net outflows of $554 million.

Crypto Analysts Are Bullish On SOL

Meanwhile, cryptocurrency analysts are optimistic that Solana price will continue rising in the near term.

In an X post, TraderKox, who has 130,000 followers, gave a Solana price prediction in which he predicted that it will soon make a bullish breakout after an eight-month consolidation. He expects that the coin will jump to $500, implying a 169% increase from the current level.

Evan Luthra, another analyst with 452,000 followers, gave an even bolder forecast. He sees Solana surging to $1,000 and Bitcoin hitting $100,000 during this bull run.

SOL Price Analysis Hints Major Breakout

SOL price has some strong technicals. On the daily chart above, it has formed an inverse head and shoulders pattern, a popular bullish sign. It has also risen above the key resistance level at $183, invalidating a small double-top pattern that was forming.

The above is the detailed content of Solana Price Rises Amid ETF Approval Odds. For more information, please follow other related articles on the PHP Chinese website!