- Solana’s symmetrical triangle pattern suggested a breakout above $196 could propel its price to $233.
- Currently, 60.71% of top traders currently hold long positions, while 39.29% hold short positions.
As a seasoned analyst with years of experience navigating the volatile cryptocurrency market, I can confidently say that the bullish predictions for Solana [SOL] are not just wishful thinking but rather well-grounded forecasts based on recent developments and technical analysis. The approval of spot SOL ETFs in 2025, as suggested by Nate Geraci, could indeed be a game-changer for the asset’s price, given the significant upside momentum that followed Bitcoin‘s ETF approval.
However, it’s important to remember that the crypto market is notorious for its unpredictability and sudden price corrections. Just as Trump’s election brought about a rally in the crypto market, his presidency could also face challenges that impact the overall market sentiment.
The technical analysis further supports this bullish outlook. SOL’s symmetrical triangle pattern suggests a breakout above $196, which could potentially propel its price to $233. However, the current uncertainty in the market and the significant inflow of SOL onto exchanges might create selling pressure, leading to short-term price declines.
In terms of trader sentiment, the Long/Short Ratio indicates strong bullishness among traders, with 60.71% holding long positions compared to 39.29% holding shorts. But as they say in the crypto world, “Buy the rumor, sell the news.” So, while the ETF approval might be a positive development, it’s always wise to exercise caution and keep an eye on market developments.
To lighten the mood, let me leave you with this: Remember, investing in cryptocurrencies is like playing a game of chess – sometimes you win, sometimes you lose, but the key is to learn from each move and keep playing!
In the midst of market turmoil, it seems that the persistent drop in Solana’s [SOL] price may soon change direction, according to confident forecasts by industry experts.
Lately, as shared by Nate Geraci, the president of the ETF Store, it’s anticipated that Solana Spot ETFs will receive approval in the year 2025, according to his recent post (previously on Twitter).
Will spot SOL ETF live in 2025?
One possible explanation for this forecast could be the pro-crypto stance of the current administration and the departure of Gary Gensler as chair of the U.S. Securities and Exchange Commission (SEC).
Ever since the pro-cryptocurrency candidate, Donald Trump, secured his victory in the presidential election, the global crypto market has seen a surge of positive growth. However, at present, it’s going through a phase of price adjustment or correction.
At this rally, Solana, Bitcoin (BTC), Pepe (PEPE), and numerous other cryptocurrencies attained new peak values, despite Donald Trump not having taken office at that time.
Supporting Trump consistently might lead to an increase in the approval of various ETFs, such as the Solana ETF, within the cryptocurrency market.
Will ETF approval impact SOL price?
According to the reaction of Bitcoin after an ETF was approved, it’s expected that we might witness another surge in Bitcoin prices by the year 2025, as predicted by experts and analysts.
As an analyst, I am excited to express that the approval of ETFs (Exchange-Traded Funds) presents a unique opportunity for conventional investors and individual traders to engage with the cryptocurrency market via their preferred stock exchanges. This could lead to a significant surge in demand and value for these digital assets.
As an analyst, I foresee substantial upward momentum for a Solana ETF should it gain approval. Nevertheless, at present, the Solana (SOL) token seems to be encountering some resistance in its price movement.
Solana technical analysis and key level
Based on the technical assessment by AMBCrypto, Solana (SOL) seems to be exhibiting a bullish trend, suggesting it’s ready for an upward surge. On a four-hour chart, SOL has developed a symmetrical triangle formation in its price action, which is expected to experience a breakout.
As someone with years of trading experience under my belt, I have learned that patterns in the market can offer valuable insights into potential price movements. Based on what I’ve observed recently, if an asset breaks through this specific pattern and ends the day above the $196 level, it could be a strong indication that we might see some significant gains. Historically, similar situations have led to increases of around 18% to 20%. If this plays out as expected, we could potentially witness the price reaching the $233 mark in the near future.
Even though the optimistic view prevails, it seems that investors are hesitant, as demonstrated by data from the on-chain analytics company Coinglass.
$9.50 million worth SOL inflow
In the past 24 hours, there has been a $9.50 million increase in Solana (SOL) being deposited into exchanges, as suggested by data from SOL’s spot inflow/outflow.
A large number of assets being moved to exchanges might indicate that long-term investors are offloading their holdings. This could increase selling pressure and possibly cause prices to drop even more.
61% traders hold long positions
Beyond the possibility of long-term investors unloading their SOL, it seems that short-term traders are also expressing an interest in SOL.
Read Solana’s [SOL] Price Prediction 2025–2026
As an analyst, I’ve just observed that the Short/Long Ratio for Solana (SOL) is currently standing at 1.545 according to Coinglass data. This suggests a robust bullish sentiment among traders, as they are more inclined to hold long positions rather than shorts.
Approximately two out of every three top traders are currently investing in a ‘buy’ or ‘long’ position, while just over one out of five are in a ‘sell’ or ‘short’ position.
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2024-12-31 23:04