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Recently, significant developments occurred on the SOL side. First, news emerged about a SOL ETF in Canada. Following this, it was announced that VanEck had applied for a Solana (SOL) ETF. After the news, the SOL price increased by 10%. The process, which was not limited to VanEck, reached a new dimension with the participation of 21Shares. Despite this process, the rise in SOL price was not continuous. Although some analysts remain optimistic about SOL, things might not progress as expected.
Solana Comments
As of the time of writing, looking at SOL’s recent movements, it can be seen that the price continues to find buyers between $132 and $143.
In the last 24 hours, following a 5% drop parallel to the market, the price fell to $134. In daily reviews, SOL’s Relative Strength Index (RSI) indicates 40.57, placing it in the selling zone below the neutral level.
On the other hand, a well-known company, GSR, made a price prediction for the token on June 28 in case the Solana ETF is approved.
According to GSR, there could be a rise on the SOL side, and during the mentioned process, Bitcoin ETFs could gradually lose 2%, 5%, and 14% of their value. Based on the prediction, SOL’s price could reach $1,192 over a long period.
Future of Solana Coin
As of this writing, the Cumulative Volume Delta (CVD) shows a view contrary to the prediction. Briefly, CVD reveals the difference between the buying and selling volume in the market. If the net difference is positive, it indicates that buying is occurring at a greater rate than selling.
Looking at the daily chart on the Solana side, CVD indicated -127,945, showing that tokens were sold with a total difference of 127,000, greater than the purchases.
The inverted cup and handle formation below also indicates a potential decline. The inverted cup and handle formation is generally associated with a bearish trend. If the formation completes, SOL’s price could see a further 4.65% drop, falling to $126.90.
However, it is also seen that formations do not always work and market conditions can reverse situations. This could also be valid for SOL, and after a possible rise, the price could reach $145.25.
