Solana (SOL) is "on fire", shooting up around the $130 mark in the past 24 hours, the highest of the week! This coin has outperformed many other altcoins while the crypto market is "recovering". People are buzzing due to rumors that the Solana ETF could be approved, pushing the price skyrocketing.
Here's the deal: James Seyffart, an ETF analysis pro at Bloomberg, just leaked that the SEC (U.S. Securities and Exchange Commission) has to finalize a decision on the Solana ETF before October 10. He said an early approval is a bit tight, but it's not out of the question. With Paul Atkins leading the SEC and Hester Peirce's crypto team supporting, there's a high chance the SEC will "act quickly" on matters related to coins.
If the Solana ETF gets approved, money from "big players" will flow into the Solana ecosystem, just like Bitcoin and Ethereum before. However, the regulations regarding holding digital assets are still the main factors that will determine whether it gets approved or not. If everything goes smoothly, an early approval could be real, although most traders still think they have to wait until near the deadline in October.
Check the chart a bit:
- SOL has just found its "foot" in the premium support area of $110-115. Now it's chilling in this zone after briefly dropping below $100.
- If SOL maintains its upward vibe and closes above $147, the trend could reverse, and a "bull run" could be on the way!
- But if it "runs out of steam" and doesn't surpass $147, the price could turn around and plummet, even testing the area below $100.
In summary, SOL is hot, but can it maintain its momentum? Stay tuned! 🚀
