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‘Solana ETF approval in 2025′ confirms Nate Geraci – SOL reacts
Nate Geraci, president of the ETF Store, has made a bold prediction regarding the future of Solana (SOL). In a recent tweet, he shared his forecast that spot Solana ETFs will be approved in 2025. This news has sent shockwaves through the cryptocurrency market, with SOL’s price reacting to the announcement.
Geraci’s assertion is based on various factors, including the government and regulatory bodies’ increased friendliness towards cryptocurrencies. The resignation of United States Securities and Exchange Commission (SEC) Chair Gary Gensler also plays a crucial role in his prediction. With Donald Trump set to assume the presidency, it appears that the winds of change are blowing in favor of the crypto market.
A potential Solana ETF approval would have significant implications for the cryptocurrency’s price. As seen with Bitcoin, the approval of an ETF can lead to a surge in demand and ultimately drive up the asset’s value. This phenomenon could be replicated in the Solana market, resulting in a substantial increase in its valuation.
In light of this information, it becomes essential to examine SOL’s technical analysis to gauge its potential for growth. Based on TradingView data, it appears that the cryptocurrency has formed a symmetrical triangle pattern, which is poised to break out above $196. This development could lead to an astonishing 18% to 20% increase in the asset’s price, placing it at the $233 mark.
Despite this optimistic forecast, traders are displaying mixed signals. Coinglass data reveals that there has been a substantial inflow of $9.50 million worth of SOL onto exchanges within the last 24 hours. This influx could potentially lead to further price declines if long-term holders sell their holdings in response.
However, it’s crucial to highlight that institutional traders are displaying strong bullish sentiment. According to Coinglass data, an astonishing 60.71% of top traders currently hold long positions on SOL, while a meager 39.29% are holding short positions.
Source: ambcrypto.com
