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The Solana price is down 3% in the past 24 hours to trade for $132.63 as of 02:36 a.m. EST.
The fall came despite news that digital asset manager 3iQ has filed for a Solana ETF (exchange-traded fund) to be listed on the Toronto Stock Exchange (TSE) in Canada.
If approved, it would mark the first of these SOL-inspired financial instruments in North America.
3iQ Corp. is pleased to announce that we have submitted a preliminary prospectus for The Solana Fund (QSOL) in Canada in relation to an initial public offering.
This continues our track record of innovation, and if receipt of applicable regulatory approvals is obtained, the… pic.twitter.com/7ghv05f8gU
— 3iQ Digital Asset Management (@3iq_corp) June 20, 2024
An approval would also see 3iQ’s Solana ETF holders accrue interest from native SOL staking yields.
According to the firm, these yields would come in at around 6% to 8%. The filing proposes that the ETF’s custodians will be Coinbase Custody and Tetra Trust, with the former providing exclusive institutional staking infrastructure for the Solana fund.
Based on Yahoo Finance data, the two main cryptocurrency products listed on the TSE by the digital asset manager are 3iQ Bitcoin ETF (BTCQ) and 3iQ Ether Staking ETF (ETHQ). These are valued at about $233 million and $38.7 million in net assets, respectively.
Bloomberg analyst James Seyffart observed that more than $1 billion worth of Solana ETFs are already offered around the world. Among them, the 21Shares Solana Staking ETP (exchange-traded product) and the ETC Group Physical Solana product in Europe.
You guys would be stunned to realize we already have over $1 Billion in Solana ETPs elsewhere in the world!! pic.twitter.com/y3zSZrHJGo
— James Seyffart (@JSeyff) June 20, 2024
Solana Price Prediction Amid Brewing SOL Spot ETF In North America
The Solana price is trading with a bearish bias, with the one-day timeframe showing a series of lower highs. This is as the altcoin continues to consolidate within a descending parallel channel, with bearish dominance tossing SOL below the centerline of the channel.
Based on the outlook seen in the chart below, the Solana price could record more downside momentum. For starters, the Relative Strength Index (RSI) shows that buying pressure is weakening, with the momentum indicator way below the mean level of 50. In the same way, the Moving Average Convergence Divergence (MACD) is also below the orange band of the signal line and in negative territory.
If selling pressure increases, the Solana price could extend the fall to test the $120.83, potentially creating a buying opportunity here before the next leg up. In a dire case, the altcoin could slip below this level for a sweep of the buy-side liquidity residing below this buyer congestion level.
GeckoTerminal: SOL/USD 1-day chart
On the other hand, traders capitalizing on the current downtrend to buy SOL cheap could trigger a recovery. If an uptrend ensues, a solid move above the centerline of the channel would be ideal.
While a stable close above the $176.86 level would be ideal, the bearish thesis would only be invalidated if the Solana price achieves a candlestick close above $204.05.
Clearing the aforementioned range high would provide the jumping-off point for a new cycle top.
For now, however, the possibility of a spot Solana ETF in North America has driven trader interest in Sealana (SEAL), a SOL meme coin that has only four days left in its presale.
Renowned YouTuber Crypto Mischief sees it as a potential next Dogwifhat (WIF), a leading SOL-based meme coin that exploded upon launch.
Promising Alternative To Solana
SEAL powers the Sealana ecosystem, a character based on a chubby seal that is fully immersed in the Solana Sea.
Once sleek and agile, SEAL is so absorbed in Degen trades that he abandons the initial figure of his youth for a diet of chips and tinned tuna.
New Meme Crypto ‘Sealana’ Attracts Whales As Solana Price Recovers.
#SolanaMemecoin pic.twitter.com/zqP73U7Mk3— TechStory (@TechStoryin) May 5, 2024
The Sealana presale has hurtled past $5 million as investors buy SEAL for only $0.022. If you’d like to join the project, do so quickly before it closes in four days.
Visit and buy Sealana tokens here.
Also Read:
- How to Buy Sealana – SEAL Presale Review
- Sealana Price Prediction – SEAL Price Potential in 2024
- 5 Must-Watch Meme Coins for 10X Potential – Best Cryptocurrencies to Buy Now
- Best Meme Coins to Invest in: Top Picks for Exponential Gains!
Most Searched Crypto Launch - Pepe Unchained
- Layer 2 Meme Coin Ecosystem
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- SolidProof & Coinsult Audited
- Staking Rewards - pepeunchained.com
- $40+ Million Raised at ICO - Ends December
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