Solana (SOL) has gone up by 2.5% in the past week as the approval of the REX-Osprey Solana exchange-traded fund (ETF) – the first of its kind in the United States – buoyed investors and triggered a spike in the price of multiple meme coins in its ecosystem.
A leadership change within the ranks of the Securities and Exchange Commission (SEC) dramatically raised the odds this year that more altcoin-linked ETFs will finally get the green light from the agency, which favored a bullish Solana price prediction.
On Monday, the SEC reviewed and rejected an application from Fidelity Investments for a Solana ETF and asked for public commentary on certain characteristics of the vehicle’s design that prevent fraud and manipulation.
Despite this temporary setback, the agency has a deadline until October 10 to make a financial decision and ETF experts believe that they will say yes after the instrument’s prospectus is amended.
James Seyffart, Bloomberg’s top ETF analyst, gives all Solana ETFs a 95% chance of approval this year. He also believes that other similar vehicles for tokens like XRP (XRP), Litecoin (LTC), Cardano (ADA), and even Dogecoin (DOGE) will receive the green light in October.
Solana Price Prediction: SOL Eyes $190 After Descending Price Channel Breakout
Looking at the daily chart, Solana has broken its descending price channel but quickly rejected a move above its 200-day exponential moving average (EMA).
The price seems to have entered a brief stage of consolidation as the 9-day and 21-day EMAs show signs of compression after this bullish move.
Ideally, the price should rise above the $170 level to confirm a bullish outlook. If that happens, a plausible Solana price prediction would see the token rising to $190 in the near term ahead of the approval of these ETFs.
Once all of Solana ETFs are listed, the token could receive a liquidity boost as institutional money will flow to these instruments. Maybe SOL will not get to $500 this year but $300 seems quite feasible.
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