Ripple CEO Brad Garlinghouse predicts the emergence of Solana ETFs, following the recent approval of Bitcoin and Ethereum ETFs by the SEC. At the Consensus 2024 event, Garlinghouse emphasized the importance of regulatory clarity for the growth of digital assets in the U.S. He believes it is only a matter of time before Solana, XRP, and Cardano ETFs are approved. This positive outlook, combined with the prediction of a $5 trillion crypto market, has sparked interest in Solana price predictions, with investors speculating whether SOL could reach $1,000 this year.
The rise of ETFs in the crypto market allows investors to gain exposure to digital assets without holding them directly, making them significant for institutional investors. Garlinghouse’s optimism about the potential $5 trillion valuation of the crypto market due to recent ETF approvals has further fueled interest in the sector. He sees different crypto projects coexisting, each focusing on different aspects of decentralized finance and digital assets, contributing to the overall growth of the industry.
Currently priced at $166.09, Solana is consolidating within a range on the 4-hour chart, forming a symmetrical triangle pattern between $168 and $163. Immediate resistance levels are $172.50, $176.00, and $180.50, while immediate support levels are $163.50, $160.50, and $156.80. A breakout above $168 could push Solana towards $173 and $180, while a breakdown below $163 could lead to a decline towards $156 and possibly $150. The RSI is at 47, indicating a neutral trend, while the 50-day EMA acts as resistance at $167.61.
In the long term, Solana’s price prediction remains bullish as the market anticipates the introduction of SOL ETFs. With regulatory clarity and increasing institutional interest, Solana could see significant gains, potentially reaching $1,000 by the end of next year. Investors are closely monitoring the $167.89 pivot point, as a move above it could signal potential bullish momentum, while a break below $163 could indicate further declines. Overall, the outlook for Solana remains positive, driven by the potential for ETF approval and growing interest from institutional investors.
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