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Solana may have a new bull rally with the return of ETFs
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The price of Solana (SOL) rose more than 100% in 2024making it one of the cryptocurrencies that registered the most gains last year. Most of these gains came from memecoin feverbut the other part occurred because of discussions about approving a cryptocurrency ETF.
In early December, the United States Securities and Exchange Commission (SEC) stated that would not approve any ETF of Solana in 2024. But with the change in agency managementthis position must change and a Solana ETF could hit the market in 2025.
Both the ETF and the continuation of the memecoin season could fuel a significant price rise and make SOL break the US$200 barrier.
Solana’s price fell below the US$200 mark in recent days, following the price correction trend. This made memecoin record losses of 7% in the last seven days. However, analysts predict a recovery in the coming months, driven by important developments.
Solana ETFs return to discussion
In the case of ETFs, they are five proposals that are on the SEC table awaiting analysis. Major managers such as VanEck and Grayscale have already requested approval for their funds. The orders are for spot ETFs, which buy SOL directlyand therefore they have a direct impact on the increase in the price of cryptocurrency.
This optimism increases when the impact of Bitcoin ETFs (BTC) in the price of the cryptocurrency: an increase of 97% since the date of approval of the funds until today. With the Donald Trump administration taking office in 10 days and greater support for the sector, the chances of approval for the Solana ETF increase.
On the other hand, the memecoin fever no shows signs of going to decrease in 2025. Despite recent corrections, the memecoin sector continues to see significant gains, as in the case of PIPPIN, which soared 150% in the last 24 hours.
After failing to sustain its recent upward momentum, the SOL fell below key support levelssignaling potential further decline.
The Relative Strength Index (RSI) is currently at 31indicating conditions of “oversold” in the short term. While this could point to a potential relief rally, sustained bearish pressure could push the RSI further into oversold territory, reducing recovery efforts.
The Moving Average Convergence Divergence (MACD) indicator highlights a downtrend increasingly stronger. The MACD is below the signal line, accompanied by expanding bearish histograms. That setup suggests that selling pressure may persist over the next few days.
Solana may have a new bull rally with the return of ETFs
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Solana may have a new bull rally with the return of ETFs
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Solana may have a new bull rally with the return of ETFs
