The crypto market is experiencing a rise, ignited by the SEC’s final verdict in the Ripple lawsuit. Solana (SOL), a key player in the crypto world, is riding this wave of optimism. In the past 24 hours, SOL has surged nearly 7%, trading at approximately $155 during the early Asian session.
Is a larger rally coming our way?
Solana’s Massive Comeback
Solana, a large-cap altcoin with a fully diluted valuation of approximately $90 billion and a daily average traded volume of $6.9 billion, has made a strong recovery from the recent crypto downturn. The cryptocurrency is currently striving to reclaim the 50- and 200-day Moving Averages (MAs) as crucial support levels to sustain its bullish momentum.
Additionally, Solana has established a robust support level around $120, which has remained resilient despite the recent market crash.
Brazil’s Approval Gives Solana a Boost
The Solana network is gaining traction among both retail and institutional investors worldwide, recently overtaking Binance Coin (BNB) as the fourth most valuable digital asset by market cap. In a significant development, the Brazilian Securities and Exchange Commission (CVM) has approved the launch of the first spot Solana ETF.
Investment firm QR will manage the new ETF in partnership with Vortx. This approval could pave the way for similar initiatives in the United States. The US SEC has recently softened its stance on crypto regulation following major court losses. VanEck and other investment firms have already submitted proposals to the US SEC for a spot Solana ETF, with experts anticipating potential approval early next year.
Midterm Price Expectations
Following a decent rebound in the past few days, Solana’s price against Ethereum has rallied to a new all-time high in the past 24 hours. With the weekly Relative Strength Index (RSI) having rebounded from the 50 percent level, Solana’s price against the US dollar aims to retest its all-time high in the near term.
However, a consistent close below $137 could jeopardize the current bullish trend, potentially leading to increased selling pressure.
Also Check Out: BlackRock SLAMS Solana ETF Rumors, Cites “No Demand”
The Solana saga continues. Will it be a bull run or a bear trap? You decide.
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