Solana (SOL) is regaining investor confidence as it maintains a price around 166 USD, thanks to expectations of a spot ETF being approved in the United States.
The recovery of SOL, along with the launch of the REX-Osprey ETF, presents an opportunity for both price appreciation and Staking rewards, boosting positive sentiment in the global cryptocurrency market.
MAIN CONTENT
Solana consolidates its gains near 166 USD with expectations of a spot ETF in the United States.
The new REX-Osprey ETF offers the advantage of both SOL exposure and receiving Staking rewards.
Expert Ali Martinez predicts SOL could break through to 2,000 USD if it exceeds the 170 USD threshold.
Is Solana expected to receive spot ETF approval in the United States?
The approval of the Solana spot ETF in the United States is highly regarded by investors with a probability of up to 90% by the end of this month, according to Polymarket – a reputable prediction platform. This is a crucial driver for increasing SOL prices, especially since previously, derivative ETFs for Solana had been approved, and Canada also launched a spot ETF for Solana.
The global cryptocurrency market is benefiting from the strong price surge of Bitcoin and Ethereum, which in turn spreads positive confidence to other major coins like Solana.
What is special about the REX-Osprey Solana ETF and Staking?
Recently launched on the Cboe BZX exchange, the REX-Osprey ETF for Solana attracted over 12 million USD in investment on its first day and recorded a trading volume of 33 million USD. The highlight of this ETF is the combination of direct exposure to SOL and Staking rewards – an effective way for investors to achieve both growth and passive income.
"The emergence of the combined Solana and Staking ETF not only creates a strong leverage for SOL but also opens up an attractive investment channel for those looking to earn stable profits."
John Davis, ETF Director at REX Investments, 2024
How much can Solana's price increase if it exceeds 170 USD?
Analyst Ali Martinez states that once Solana breaks through the important resistance area around 170 USD, SOL could quickly reach 200 to 300 USD in the short term. The cup-and-handle pattern on the weekly chart is a strong technical signal for a price increase that could extend up to 2,000 USD in the long term.
The fear and greed index for Solana is currently at 64, in the “Greed” zone, reflecting increased investor confidence in the market.
"If the 170 USD threshold is breached, it will open the door for a long-term rally that could push SOL into the thousands, a notable prospect for 2024."
Ali Martinez, Cryptocurrency Analyst, June 2024
Comparing current Solana ETFs
Characteristics Derivative ETF Solana Spot ETF Solana in Canada REX-Osprey Solana & Staking ETF Approval Approved Launched Recently launched (2024) Asset exposure Derivative SOL Spot SOL Spot SOL + Staking rewards Daily investment volume Volatility Stable 33 million USD (first day) Key advantages Competitive pricing Available on multiple exchanges Passive income from Staking
Frequently Asked Questions
What is the Solana spot ETF? The Solana spot ETF is a fund that directly buys SOL Tokens, allowing investors easy access to the asset without needing to self-custody. Why does the REX-Osprey ETF attract investors? This ETP provides exposure to SOL while also rewarding additional income from Staking, offering dual returns for investors. How long could it take for Solana to reach the target price of 2,000 USD? According to technical analysis, if it successfully breaks through 170 USD, SOL has strong growth potential in the long term, although market momentum must be monitored. What factors are supporting Solana's current uptrend? Expectations of a spot ETF in the United States, positive overall market sentiment, and new ETF products like REX-Osprey are key contributors. What does the Fear and Greed index of Solana indicate? The index currently stands at 64, in the “Greed” zone, reflecting high optimism and confidence among investors in Solana.
Source: https://tintucbitcoin.com/solana-tang-170-usd-du-doan-2-000/
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