TL; Dr:
- ETFS Solana ETFS footsteps jumped to a new rise, as ETF’s instant approval possibilities reached 99 %
- Solana Price fell from a six -month peak after the hottest American PPI data.
- Technical indicators indicate that the pressure pressure in the short term may continue, although the upward trend is still intact
Traders Eye Solana Etf: Is it a great opportunity from Crypto?
The race for Solana ETF approval is heating amid high institutional demand. The bloc data shows that the sizes of the investment funds circulated in the Solana Futures Trupative increased to a new rise of $ 3.4 billion on August 13, with flows for one day to a record of $ 297 million. Mirrors in the trend that rise Ethereum ETF in August, which amounted to $ 4.48 billion on Thursday.
The immediate approval of Solana this year increased to 99 % after the launch of July from ETF Rex -Sprey Solana + Staking (SSK). Traders and institutional investors were closely monitoring the progress of the main applicants because they were seeking organizational clearance.
If approved, Solana can become a hot red cryptocurrency coin following the leadership of the Digital Asset Rally. However, the United States postponed its review of two main apps from BitWise and 21shares to October 16.
Solana Price fell from a six -month height
On Wednesday, Solana reached up to 210 US dollars amid a wide sense of danger, a level that has not been seen since February 4. As of 12:40 am International time, the distinctive symbol was traded just over $ 190, a decrease of 5.6 % from the previous day, according to Bitmex. The decrease in the first place may have been operated by achieving profits after the United States has informed an unexpected significant increase in the main inflation scale, the product price index (PPI).
All other major cryptocurrencies, including Bitcoin, Ethereum and XRP, have decreased between 4 % and 6 % over the past 24 hours. Seven Solana market is currently $ 104 billion, making it the sixth largest encrypted currency. The distinctive symbol gathered by 18 % during the past month, compared to a 1.4 % decrease in Bitcoin, indicating that the Altcoin season may be underway. This trend is also evident by an increase of 51 % of Ethereum since mid -July.
The upward trend remains, with the expectation of a decline in the short term
Although the upward trend remains intact, Solana is likely to see more weak as the double pattern is formed. The jump in the trading volume also indicates more selling pressure, which may lead to a decrease in the price test of immediate support at the Fibonacci level by 50 % near $ 184, followed by the moving average for 50 days about $ 170 USD. Meanwhile, the bullish trend line should be a pivotal support at this stage, which may maintain the Solana gathering.
