In the past 24 hours, the cryptocurrency market has rebounded significantly, largely driven by the final ruling in the SEC vs. Ripple lawsuit. During early trading on Thursday in Asia, Solana (SOL) saw its price surge nearly 7%, reaching approximately $155. This major altcoin, boasting a fully diluted valuation of around $90 billion and a daily trading volume of $6.9 billion, has shown a robust recovery from the recent market downturn.
Currently, Solana’s price is trying to reclaim the crucial 50-day and 200-day Moving Averages (MAs) as key support levels to sustain its bullish momentum. It has also established a strong support zone around $120, which has remained intact despite recent market turbulence.
Read more: Crypto Market Rallies Are Leaving Web3 and Metaverse Tokens Behind
Major Development for Solana in Brazil
The Solana network continues to gain traction among both retail and institutional investors, recently surpassing Binance Coin (BNB) to become the fourth most valuable digital asset by market capitalization. In a notable development, the Brazilian Securities and Exchange Commission (CVM) has approved the launch of Brazil’s first spot Solana ETF. This ETF, set to be managed by Vortx and initiated by investment firm QR, marks a significant milestone for Solana.
The approval of a spot Solana ETF in Brazil could pave the way for similar initiatives in the United States. The US SEC has softened its stance on crypto regulations following major court losses. VanEck and other investment firms have already filed proposals with the SEC for a spot Solana ETF, which experts anticipate could be approved early next year.
Price Outlook
After a solid rebound in recent days, Solana’s price has reached a new all-time high against Ethereum. With the weekly Relative Strength Index (RSI) recovering from the 50% mark, Solana’s price against the US dollar is poised to test its all-time high in the near future. However, if the price consistently falls below $137, it could weaken the bullish momentum and lead to increased selling pressure.
Cre: Cryptoadventure
David Ma was born in 1980 in California, is a Vietnamese American, known as one of the entrepreneurs and investors in the field of cryptocurrency and stock market. In 2006, he graduated from Stanford University with honors and began his career in business.
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