Solana Exchange-Traded Fund Greenlit in Brazil as SOL Price Surges to Record High Compared to Ethereum
The recent surge in the crypto market, driven by the final verdict in the SEC vs Ripple case, has seen Solana (SOL) experience a price hike of nearly 7 percent, reaching around $155 during the early Asian trading hours on Thursday.
Solana, a large-cap altcoin with a market valuation of approximately $90 billion and a daily trading volume of about $6.9 billion, has made a notable recovery following the recent crypto market downturn. The current focus for Solana’s price is on reclaiming the 50-day and 200-day Moving Averages (MAs) to establish a crucial support level for sustained bullish momentum. Notably, the altcoin has maintained a strong support level around $120, which remained intact even during the recent market turbulence.
The Solana network has been attracting increased interest from both retail and institutional investors globally, surpassing Binance Coin (BNB) to become the fourth most valuable digital asset by market capitalization. In a significant development, the Brazilian Securities and Exchange Commission (CVM) has granted approval for the launch of the first spot Solana ETF. The approval, given to investment firm QR and managed by Vortx, could potentially pave the way for a similar move in the United States. With the US SEC showing a softer stance on crypto regulations following recent legal setbacks, investment firms like VanEck have submitted applications for a spot Solana ETF, with expectations of approval in the early months of the upcoming year.
Looking ahead, Solana’s price has surged to a new all-time high against Ethereum in the past 24 hours, supported by a rebound in the weekly Relative Strength Index (RSI) from the 50 percent mark. The focus now shifts to a potential retest of its all-time high against the US dollar in the short term. However, a sustained dip below $137 could undermine the current bullish momentum and lead to increased selling pressure.
In conclusion, Solana’s recent price rally, bolstered by positive regulatory developments and increased investor interest, highlights the growing prominence of the altcoin in the crypto market landscape. With key support levels in place and optimistic price expectations, Solana continues to be a key player to watch in the evolving digital asset space.
