SOL Price Targets 100% Rally Amid Imminent Solana ETF Launch
SOL, the native cryptocurrency of the Solana blockchain, has increased by 4% in the last 24 hours, reaching near $230. Analysts suggest a potential 100% rally with the upcoming launch of a spot Solana ETF.
Technical Analysis and Price Target
- A bullish technical setup for SOL indicates a cup-and-handle pattern on the monthly chart.
- The 1.618 Fibonacci extension level suggests a potential price target of around $425.
- The monthly MACD is approaching a golden cross, indicating strong upward momentum.
- Approval of Solana ETFs by the SEC could further boost prices.
Solana ETF Developments
- Bitwise has filed an amendment to its spot Solana ETF (BSOL) to include staking and a competitive fee structure.
- The SEC decision on Bitwise’s application is due by Oct. 16.
- Bitwise plans a low fee of 0.20%, with no fees for the first 3 months or until $1 billion AUM, aiming to attract investors.
- A Solana ETF launch could occur within two weeks, but a US government shutdown may cause delays.