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Trending
SYMBOL
LAST
BID
ASK
HIGH
LOW
NET CHG.
%CHG.
SPREAD
SPX
S&P 500 Index
6857.13
6857.13
6857.13
6865.94
6827.13
+7.41
+ 0.11%
--
DJI
Dow Jones Industrial Average
47850.93
47850.93
47850.93
48049.72
47692.96
-31.96
-0.07%
--
IXIC
NASDAQ Composite Index
23505.13
23505.13
23505.13
23528.53
23372.33
+51.04
+ 0.22%
--
USDX
US Dollar Index
98.950
99.030
98.950
99.000
98.740
-0.030
-0.03%
--
EURUSD
Euro / US Dollar
1.16471
1.16479
1.16471
1.16715
1.16408
+0.00026
+ 0.02%
--
GBPUSD
Pound Sterling / US Dollar
1.33436
1.33447
1.33436
1.33622
1.33165
+0.00165
+ 0.12%
--
XAUUSD
Gold / US Dollar
4225.33
4225.74
4225.33
4230.62
4194.54
+18.16
+ 0.43%
--
WTI
Light Sweet Crude Oil
59.348
59.378
59.348
59.543
59.187
-0.035
-0.06%
--
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Solana Poised for a Surge as Institutional Interest Grows
Summary:
If buyers successfully defend this area, the price could see an upward push toward $220, where the 200-period moving average currently resides.
CLOSED
195.54
Entry Price
219.00
TP
182.00
SL
136.78 -6.43 -4.49%
135.4
Pips
Loss
182.00
SL
181.91
Exit Price
195.54
Entry Price
219.00
TP
The U.S. Securities and Exchange Commission (SEC) is currently evaluating multiple Solana (SOL) ETF applications, marking a potential shift in its stance on crypto-based investment products. This comes as industry participants closely monitor the regulator’s evolving approach to such offerings.
Canary Capital’s Solana Trust became the latest addition to the growing list of proposed ETFs on Tuesday, joining filings from VanEck, 21Shares, and Bitwise. These applications seek to bring Solana investment products to Wall Street, further legitimizing the asset within traditional financial markets.
This wave of filings follows Grayscale’s Solana ETF application last week, which the SEC has officially acknowledged—potentially setting a precedent for broader approval across the industry.
"The SEC has made a significant shift regarding the Solana ETF—going from outright dismissing the idea to acknowledging Grayscale’s amended SOL ETF application," said Chris Chung, founder of Solana swap platform Titan, in a statement to Decrypt.
Adding to the momentum, Franklin Templeton’s integration with the Solana network has fueled speculation of an imminent SEC filing for its own Solana ETF. The firm, which recently registered a Solana trust in Delaware, has been vocal in its belief that SOL could emerge as the third-largest cryptocurrency after Bitcoin and Ethereum.
The Solana network is demonstrating remarkable growth, according to a recent report from investment firm Pantera Capital.
With an exponential surge in active users and transaction volumes, Solana is solidifying its position as a major player in the cryptocurrency ecosystem—despite still being in the early stages of adoption, the report states.
The potential approval of a Solana ETF could serve as a major catalyst for its global adoption, according to Pantera Capital, signaling a new era for institutional investment in SOL.
The network’s impressive performance in 2024 is evident in its key metrics. Monthly active addresses soared to nearly 160 million in December—a staggering 26-fold increase from the 6 million recorded at the end of 2023. This surge has surpassed even Pantera Capital’s most optimistic projections.
Additionally, decentralized exchange (DEX) trading volume on Solana has seen an unprecedented rise.
Throughout Q4 2024, Solana’s DEX volumes consistently outpaced those of Ethereum, reaching a remarkable $30 billion per month. This surge highlights the network’s growing dominance in the DeFi space, further solidifying its status as a top-tier blockchain.
Technical Analysis
Solana has recently tested the $187 level multiple times, suggesting the formation of a strong support zone. If buyers successfully defend this area, the price could see an upward push toward $220, where the 200-period moving average currently resides.
The Relative Strength Index (RSI) is hovering at 46, indicating neutral momentum—neither oversold nor overbought. This suggests traders should remain cautious, as the market could still move in either direction.
Solana’s last major peak was $295 on January 19. If the price breaks above $220, the next key resistance level to watch would be $244. Conversely, a decisive break below the ascending trendline near $180 could open the door to further downside, potentially accelerating losses.
Trading Recommendations
Trading direction: Buy
Entry price: 196
Target price: 219
Stop loss: 182
Validity: Feb 25, 2025 15:00:00
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