Anticipated Solana ETF in 2025: Bloomberg Intelligence Suggests Probability of 90%, Galvanizing Interest in Associated Layer-2 ICO Showcasing 100x Potential
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As of 9:38 p.m. EST, the Solana price is surging by a whopping 2% to trade at $149.47, with investors gradually accumulating the altcoin. This impressive uptick could be partially attributed to Bloomberg Intelligence analysts estimating a 90% chance of US regulators approving a Solana ETF (exchange-traded fund) by 2025 @JSeyff.
Solana Rebounds After Breaking Out of Bullish Channel
Take a peek at the daily chart for SOL/USD (as shown by GeckoTerminal) to see how Solana dropped out of an ascending channel in recent days, leading to a rebound from the support at $141.99 over the past 24 hours. This move suggests that SOL could potentially test the significant resistance at 153.42, potentially paving the way for a rise to $165.49.
However, a sudden selloff could undermine the bullish sentiment, causing Solana to revisit the support at $141.99, followed by a potential dive to $132.14.
Bullish Technical Indicators
From a technical standpoint, the rally in Solana could persist in the near future. Keep an eye on the Medium-term Exponential Moving Averages (EMAs) and the Relative Strength Index (RSI). In the last few days, a major bullish flag has surfaced as the 20 EMA crossed above the 50 EMA. This occurrence is often interpreted as a sign that a crypto is transitioning into a positive trend @EricBalchunas. Furthermore, the widening gap between the lines hints at growing momentum.
Simultaneously, RSI readings have started inching up again over the past 24 hours, indicating strengthening buying power. The current RSI reading above the neutral 50 mark implies that buyers currently have the upper hand, and there may be room for SOL to continue climbing before reaching overbought territory.
With the supportive EMA cross, the rising RSI, and the RSI above 50, the Solana price could surge higher in the coming 24 hours if traders respond positively to these technical signals, potentially challenging the $153.42 barrier soon.
Solaxy Presale Gaining Traction
Meanwhile, investor interest in the presale for Solaxy (SOLX) has been escalating. The ambitious project aims to be a layer-2 solution for Solana, addressing its congestion issues by bundling and processing transactions off of the mainnet before seeking final validation from Solana. In a similar vein to Arbitrum and Optimism within the Ethereum ecosystem, Solaxy's approach could prove successful in helping the network scale.
In addition to Solana scalability, Solaxy will create a bridge between Solana and Ethereum, combining the former's high speeds and low fees with the latter's robust security framework and thriving DeFi ecosystem, giving developers a platform to develop the next Web3 app without concerns about scalability or security.
The team behind Solaxy has already unveiled their testnet and its blockchain explorer, which serves as a foundation for launching a mainnet with the ambitious goal of 10,000 transactions per second (TPS). Solaxy's presale has already raised over 32.4 million, signaling strong interest in the project. Investors can acquire SOLX via the project's website widget using either crypto or bank card and then stake their tokens for a lucrative 124% APY. For those seeking the best presale deal, we recommend acting quickly as a presale price increase is scheduled for less than 15 hours from now.
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- Eric Balchunas, Bloomberg Intelligence analyst, predicts a 90% chance of US regulators approving a Solana ETF (exchange-traded fund) by 2025.
- As Solana price surges, investors are slowly accumulating the altcoin, and a Solana ETF could contribute to its further growth.
- The Medium-term Exponential Moving Averages (EMAs) and the Relative Strength Index (RSI) indicate strengthening buying power, suggesting that Solana has the potential to surge higher in the near future.
- The presale for Solaxy (SOLX), a layer-2 solution for Solana, has been gaining traction, with investors showing strong interest in the ambitious project that aims to improve Solana's scalability and create a bridge between Solana and Ethereum.
