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‘Solana ETF approval in 2025’ confirms Nate Geraci – SOL reacts
In a recent statement, Nate Geraci, president of the ETF Store, has confirmed his expectation of spot Solana ETFs being approved in 2025. This development is expected to have far-reaching implications on the cryptocurrency market, particularly for Solana (SOL).
Geraci’s prediction may be seen as positive news by SOL investors and enthusiasts, as it could lead to increased participation from traditional investors and retail traders. This influx of capital would likely result in a substantial surge in demand for SOL, thus driving its price upwards.
It is essential to note that this approval would represent a significant shift in the regulatory environment surrounding cryptocurrencies. While the crypto-friendly government stance may have contributed to Geraci’s prediction, it remains to be seen if the actual approval will indeed materialize.
In light of this development, we analyzed recent market activity and identified several key points that traders should consider before making any decisions:
We examined Solana’s technical analysis and determined that the asset is poised for an upside rally. A symmetrical triangle pattern has been formed on the four-hour time frame, indicating a potential breakout above the $196 mark. In the event this pattern is breached and SOL closes a daily candle above $196, it may experience an 18% to 20% surge, reaching as high as $233 in the near future.
However, despite this bullish outlook, investors appear uncertain about the asset’s trajectory. The data from Coinglass reveals that exchanges have witnessed an inflow of $9.50 million worth of SOL in the last 24 hours. This substantial influx could be indicative of long-term holders offloading their holdings, potentially creating selling pressure and leading to further price declines.
It is also important to note that approximately 60.71% of top traders currently hold long positions on SOL, indicating a strong bullish sentiment among them. Conversely, the 39.29% holding short positions indicates some skepticism towards the asset’s future.
In conclusion, while Nate Geraci’s prediction could have a profound impact on the Solana market, it is essential for investors to carefully consider these factors before making any investment decisions.
Sources:
* Coinglass
* ETF Store
Author: [Insert Author Name]
Date: [Insert Date]
Source: ambcrypto.com
