 ▲ Solana (SOL) |
Solana's rise was fueled by the news that VanEck and 21Shares submitted an application for Solana (SOL) spot exchange-traded fund (ETF) to the U.S. Securities and Exchange Commission (SEC).
According to ABM Crypto, a cryptocurrency media outlet, following the news of the Solana spot ETF application, Solana tokens rose at a double-digit rate within a week.
The media presents a TradingView chart, and when looking at the Bollinger Bands formed on the Solana chart, the price outlook for Solana futures is positive in that a decrease in liquidity and a continued trend of bullish sentiment can be confirmed. He explained that he was maintaining it.
The media also paid attention to the impact of the upcoming US presidential election on the approval of Solana spot ETF and Solana token price. This is due to the conflicting cryptocurrency policies between US President Joe Biden, the key candidate in this election, and former US President Donald Trump.
Bloomberg ETF analyst James Seyffart mentioned the possibility of approval of the Solana physical ETF changing after the election.
“Van Eck’s submission of the application for the Solana spot ETF will serve as a call option for the U.S. presidential election in November,” he said. “If SEC membership remains as is, there will be no federally regulated futures market for the Solana spot ETF.” It appears that it will be rejected for some reason. However, if a new SEC member is appointed with the inauguration of the new US administration, there will be a greater possibility of a change in cryptocurrency policy.”
Crypto asset media Cointelegraph noted that along with the rise of the Solana token promoted by the Solana spot ETF, Dogwifhat (WIF), a Solana-based meme coin, also recorded a rise.
DogWeHat also attracted attention for hitting an all-time high, reaching $2.34 on the 1st (local time). Cointelegraph explained that Dogwihat's 60% rebound from the low of $1.47 a week ago was partially responsible for hitting an all-time high.
In addition, we paid attention to the fact that a bump-and-run reversal bottom pattern has been formed in Dogwihat's chart since early June. On July 1, it was confirmed that the pattern had entered the breakout stage at a point 25% lower than the initial target price of $2.81.
Cointelegraph believed that if optimism about the approval of the Solana spot ETF continues, not only will there be capital inflow from institutional investors, but DogWeHat will be able to reach its target price of $2.81 in July.
