SOL surges supported by Spot SOL ETF!
LONG: SOL USDT
SL: 216, TP: 282
Fundamental perspective:
1. Grayscale, a famous crypto-friendly company, announced that it is waiting for approval from the SEC (US Securities and Exchange Commission) to convert its Solana Trust (GSOL) into a spot ETF listed on NYSE Arca.
→ This move led them to become a direct competitor to companies Bitwise, VanEck, 21 Shares, and Canary Capital.
2. Beyond BTC, the largest EFT spot, and Ethereum, the SOL EFT spot will become the third largest, potentially driving further institutional and retail interest.
3. This approach aligns with Donald Trump's election and his urge to replace Gary Gensler with someone more friendly with crypto. In other words, the crypto industry is positive with Trump's policy shift in the crypto market.
Technical perspective:
On November 21, Solana recently reached a peak of $264 before finding support at $216. Since then, it has shown renewed bullish momentum, suggesting the potential for a rally to new highs. The primary upside target stands at $282, aligning with the 0.618 Fibonacci expansion level.