Solana ETF (exchange-traded fund) Approval Odds Now Reach a Whopping 90%

Solana (SOL) futures open interest has nearly reached its all-time high as six asset managers await the SEC’s verdict on spot ETF applications.

With the CME listing Solana-based futures contracts in March and the crypto holding the crucial $140 support level, a SOL ETF will likely push the cryptocurrency to the moon.

As the dust settles on an eventful Q2 2024, let’s take a closer look at some of the biggest takeaways from Solana’s journey so far.

Solana’s journey: A glance at the key events

Solana has certainly come a long way. Back in 2021, it was one of the hottest cryptocurrencies, soaring to an all-time high of over $260.

Since then, it has faced a setback, struggling to break above the $80 resistance for a better part of the bull market.

However, recent developments suggest that a breakout could be imminent.

According to Bloomberg Intelligence, there’s now a 90% chance of US regulators approving a Solana ETF (exchange-traded fund) by October 10.

This is particularly noteworthy because the company’s odds for a $SOL ETF were just 70% back in February, i.e., only a couple of months ago.

Combined with the CME listing Solana-based futures contracts in March, a $SOL ETF will likely rocket Solana to the moon.

Keep reading to find out all the reasons for being bullish on Solana right now. We’ll also point you towards the best altcoins you can buy today to make the most of $SOL’s bright future.

Solana futures open interest nearly reaches all-time high

While six asset managers await the SEC’s permission to list $SOL ETFs, the crypto’s future open interest reached $5.75B (or $40.5M $SOL).

This is a 5% increase from March and is close to its all-time high. The demand for $SOL derivatives is also 50% higher than $XRP’s.

Moreover, this data is hot off the oven (recorded just a few days ago), so it’s dead accurate and proof of strong institutional interest in the blockchain.

One of the biggest reasons behind the growing adoption of $SOL derivatives is that the crypto held the crucial $140 support level.

With rising DEX volumes and a staggering $9.5B in total value locked (TVL), $SOL can easily surge past $200 well before a potential spot ETF approval on October 10.

What does $SOL’s chart say?

Technical analysis on $SOL’s charts paints a pretty picture, too. The crypto has bounced perfectly from the 10, 20, and 50 EMAs simultaneously on the daily chart, which is a massively positive signal.

The aforementioned bounce is also at a major support/resistance zone, further proving that the current bullish rally could hold itself nicely.

The only thing left to see is whether $SOL can break and hold itself above the 200 EMA. However, as per the 4-hour chart, it should easily be able to do that, seeing as it’s above all the major EMAs on that time frame.

All in all, Solana is doing really well and could pump soon. If you want to ride its growth, here are three Solana-based coins that could give you the best results in an already-pumping market.

Our top pick, Solaxy, shows the best potential. It’s still in presale, which has turned out to be a massive success thanks to over $32M in early investor funding.

1. Solaxy (SOLX) – best altcoin on Solana, over $32M in presale funding

Unlike other coins on Solana, Solaxy ($SOLX) won’t just use the blockchain’s low-cost, high-speed architecture to further its interests. Its goal, in fact, is to improve Solana.

Solana has become too popular for its own good, ironically. A recent massive influx of new investors to the network has overloaded it. As a result, it has been struggling with congestion and scalability issues.

Sol pystyy ratkaisemaan edellä mainittuja ongelmia rakentamalla verkon ensimmäisen Layer 2 -erässijoitusprotokollan.

Se käsittelee osan Solanan transaktioita sivuketjuihin, mikä vähentää kuormaa pääverkolla ja lisää transaktiosnopeutta samalla, mikä vähentää liikennettä. Yksi sana tiivistää Solacyn tavoitteet: optimoida Solanan avainalueita.

Edellytys hyökeen mukaan varmistetaan myös $SOLX:n ainutlaatuisuus ja sijoittaa sen yhdeksi