The price of Solana (SOL) is showing growth, consistently holding near $166, driven by speculations regarding possible approval of a Solana spot ETF in the U.S. and positive trends in the market.
Speculations on Solana ETF in the U.S.
One of the main reasons for SOL's recent price increase is the speculation surrounding the potential approval of a Solana spot ETF in the U.S. According to Polymarket, the probability of approval stands at 90% by the end of this month.
New REX-Osprey ETF and Its Impact
Another factor boosting investor sentiment is the launch of the REX-Osprey Solana Staking ETF on the Cboe BZX exchange. This ETF attracted $12 million on launch day and recorded trading volume of $33 million. It offers investors both price growth of SOL and potential income from staking.
Technical Analysis and Future Forecasts
Renowned analyst Ali Martinez indicates that SOL is forming a 'cup-and-handle' pattern on the weekly chart, which is a bullish indicator. A breakout above $170 could quickly see the price reaching $200 or $300 in the short term, with a potential rise to $2,000 thereafter.
Given the positive technical indicators, rising ETF speculations, and growing investor interest, Solana appears poised for a significant breakout. It is expected that further moves toward ETF approval could strengthen SOL's position in the market.
