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‘Solana ETF approval in 2025’ confirms Nate Geraci – SOL reacts
Nate Geraci, the president of the ETF Store, has recently made a bold prediction regarding the approval of Spot Solana ETFs. According to him, these approvals are expected to take place in 2025. This news has sent shockwaves through the cryptocurrency market, with Solana (SOL) reacting swiftly.
The reason behind this prediction is not entirely clear, but some experts believe it may be due to the crypto-friendly government and the resignation of United States Securities and Exchange Commission (SEC) Chair Gary Gensler. Additionally, the pro-crypto stance taken by Donald Trump in his presidential campaign could have a significant impact on the market’s trajectory.
The potential approval of Solana ETFs would mark a crucial milestone for the cryptocurrency, which has been experiencing a price decline lately. However, experts are predicting a massive rally in the event of such an approval. This is because ETF approval opens up new avenues for traditional investors and retail traders to participate in the market through their respective stock exchanges, leading to increased demand and potentially skyrocketing prices.
In the near future, Solana’s price action appears poised for an upside rally. A symmetrical triangle pattern on a four-hour time frame suggests that the asset is set for a breakout. If SOL can close above $196, there is a high possibility it could soar by 18% to 20%, reaching the $233 mark in the near future.
On-chain analytics firm Coinglass reveals that investors are divided regarding their positions on SOL. Data shows that only 60.71% of top traders currently hold long positions, while 39.29% are holding short positions. This divergence could lead to an increased risk of volatility in the Solana market.
The recent price action has also seen a significant $9.50 million inflow of SOL onto exchanges. While this may be seen as a positive sign, it could also indicate that long-term holders are selling their holdings and potentially creating more pressure on the markets.
Overall, while Nate Geraci’s prediction provides an exciting opportunity for investors to capitalize on Solana’s potential growth, traders should remain cautious due to the significant risks involved.
Source: ambcrypto.com
