In recent weeks, the broader downtrend in the cryptocurrency market has cooled, and Solana is fighting for stability. Experts indicate potential for a breakout.
Current Technical Setup of Solana
Crypto analyst Burakkesmeci from CryptoQuant analyzed the price setup of Solana. According to him, current metrics show that Solana's price is in a cooling phase. He backed his claims with bubble charts displaying trading volumes from top exchanges, where spot volumes are predominantly green, indicating market cooling.
Optimism for SOL ETF Approval
Burakkesmeci suggests that the current decrease in volumes may signify a precursor to potential price growth. He highlighted the possible approval of a spot Solana ETF as a catalyst for future rallies. Several firms, including Bitwise Asset Management and Franklin Templeton, have filed applications for a SOL ETF, which are pending review by the SEC. Reports indicate that the SEC may approve it by mid-July or early August.
Solana in the Memecoin Market
The Solana blockchain is active in the memecoin segment, with notable tokens like Official Trump (TRUMP) and Bonk (BONK) among top performers. The platform Pump.Fun, which focuses on memecoins, has significantly lowered the barriers for memecoin creation on Solana. Since its launch in January 2024, Pump.Fun has recorded over 11 million tokens, capturing about 90% of the memecoin market share.
Current trends in Solana's market, including trading volume analysis and optimism regarding a potential SOL ETF approval, present prospects for growth. Moreover, the vibrant activity in the memecoin sector illustrates the diversity and resilience of Solana's ecosystem.
