Solana Price Jumps 16% to $160 Amid ETF Approval Speculation
Solana's price increased by 16% over four days, approaching $160 due to speculation about ETF approvals and renewed interest from institutional investors.
US SEC Nears Approval for Solana Staking ETF
- Bloomberg analyst James Seyffart indicated that the US SEC may soon approve REX Shares’ application for a Solana Staking ETF.
- This would be the first Solana-based ETF in the US, enhancing institutional investment opportunities.
- The proposed ETF would allow investors to earn staking rewards without self-custody risks.
- Currently, 391.3 million SOL are staked across active nodes, yielding an average annual reward of 7.52%.
While Solana’s price remains under $160, potential ETF approval could lead to increased institutional staking activity, impacting supply and prices positively.
SOL Technical Analysis
- SOL has broken above a falling wedge pattern, suggesting a possible trend reversal.
- The next resistance level is at $175, with a target of reclaiming $200.
- The RSI is neutral at 54.80, indicating potential for further growth.
- If buying pressure drops below $165, a pullback to $145–$150 is likely.
Snorter Presale Gains Momentum
- As Solana rallies, the Snorter project, an AI trading bot on Solana, is gaining traction in its presale phase.
- Over $1.6 million has been raised, with participants able to purchase $SNORT at $0.0965.
- Snorter combines meme culture with AI utilities, including auto-trading and DeFi analytics.
