$SOL is about to break 200. In June of this year, investment giants VanEck and 21Shares submitted applications for a Solana spot ETF to the U.S. Securities and Exchange Commission, causing a stir. This news triggered excitement in the market, pushing the price of SOL up about 11%, reaching $150.
This surge is mainly due to growing optimism that the SEC may soon approve the Spot Solana ETF, laying the groundwork for potential further increases.
Although the SEC has classified SOL as a security in lawsuits against Binance and Coinbase, approval remains possible within the next 6 months. Balchunas believes that changes in the SEC leadership after the U.S. presidential election could be favorable for Solana.
From a long-term technical perspective, Solana is currently at a critical position to break 180. This, combined with the previous upward trend, indicates that strong bullish momentum will persist before the U.S. presidential election.
Bitcoin is currently breaking 69K. If it can stabilize and break 70K, if Solana successfully breaks the upward trend line, it may trigger a price increase to $300 by early next year. Currently, the trading price of SOL is $176, up 11.5% over the weekend, with a market cap of $82.3 billion.
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