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The Solana price surged 7% in the last 24 hours to trade at $144 as of 03:43 a.m. EST on trading volume that skyrocketed 115% to $3.2 billion.
This comes as VanEck became the first fund manager to file for a spot Solana ETF (exchange-traded fund) with the US Securities and Exchange Commission (SEC).
According to Matthew Sigel, head of digital assets research at the firm, the filing reflects the belief that Solana distinguishes itself with powerful and accessible blockchain software.
The blockchain’s high throughput, low fees, robust security, and strong community combine to make Solana an appealing choice for an ETF, he said.
I am excited to announce that VanEck just filed for the FIRST Solana exchange-traded fund (ETF) in the US.
Some thoughts on why we believe SOL is a commodity are below.
Why did we file for it?
A competitor to Ethereum, Solana is open-source blockchain software designed to… pic.twitter.com/XwwPy8BXV2— matthew sigel, recovering CFA (@matthew_sigel) June 27, 2024
Bloomberg Intelligence ETF analyst James Seyffart said that Solana ETFs products could launch in 2025 if there is a new administration in the White House and SEC.
First SOL ETF filing in the U.S. Will be interesting to see if other issuers immediately follow suit. Early thoughts are that this only has a shot to launch sometime in 2025 if we have a new admin in the White House and SEC. Even then not guaranteed. https://t.co/I1yoWNpdd4
— James Seyffart (@JSeyff) June 27, 2024
After the news, the SOL price soared above the $123 support level to breach the upper boundary of the falling channel pattern, according to data from GeckoTerminal.
Solana Price To Sustain Its Surge Over The Falling Channel Pattern
The Solana price has been trading above the 50-day Simple Moving Average (SMA), which is a confirmation of the rising bullish sentiment in the short term. If the bulls sustain the momentum, the SOL price could surpass the 200-day SMA resistance at $152, a signal of a long-term bullish rally.
Moreover, the Relative Strength Index (RSI) trades at 61, showing that the asset is still overbought but dropping.
The general outlook of SOL’s price is bullish. The token aims to use the current price as the major support to push the price of Solana to the next resistance level at $174.
However, with the asset being overbought, the RSI is already dropping. This signals that the bears are booking profits from the current surge. In this scenario, $135 provides the bulls with adequate support and a cushion against downward pressure.
Meanwhile, Solana meme coin lovers are buoyed by news of a possible SOL ETF, with many rushing to buy a new Solana meme coin called Sealana (SEAL) before it launches on decentralized exchanges (DEXs) in about four days.
The #Presale has ended! 🚨 The #Airdrop will commence on Tuesday, July 2nd at 1 PM UTC! 🕙🦭
Don't worry you can still buy $SEAL before the airdrop begins! 🚀💸 #Sealana is more excited than a fat guy at McDonalds to whale $SEAL into your wallets! 💰 More info comin’ soon! 🔥 pic.twitter.com/9Mafi9u060
— Sealana (@Sealana_Token) June 25, 2024
Sealana Presale Raises Over $6 Million – Best Solana Meme Coin To Buy Now?
Sealana’s already raised more than $6 million and it’s now offering a last chance to buy before it launches on DEXs on July 2.
What better way to show your love of Lambos, Massive Gains & Freedom than getting a #USA tattoo to show for it! 🇺🇸 #Sealana knows what’s best for American made #Memecoins and has a plan to make them great again! 🦭
Send $SOL 💸 and let him be an example for all #Degens!💪 #MAGA pic.twitter.com/B4aBZ2wEbI
— Sealana (@Sealana_Token) June 14, 2024
The project is based on a chubby seal who has taken a deep dive into the Solana Sea. He’s so absorbed in the degen crypto market that all he focusses on is finding the next big Solana meme coin while gorging on a trader’s diet of chips and tuna as he grows fatter by the day.
Crypto Boy, a popular crypto analyst on YouTube, says that the token has the potential to soar 100X after launch.
To participate in the presale, visit the official website to buy SEAL tokens here. One $SEAL costs $0.022.
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