The price of Solana (SOL) is again in the spotlight as the current bullish consolidation has flipped the coin to a new weekly high. The Solana community also anticipates the Exchange Traded Fund (ETF) tied to the asset, prompting the debate on the potential timeline for the offering’s approval. With the price of Bitcoin and altcoin showcasing a rebound, Solana’s performance has stood out from other altcoins.
According to new insight on X from market analyst World of Charts, the price of Solana is currently testing a potential breakout trend. He said the coin is testing crucial resistances that can easily push it to the $200 level if it successfully breaks out.
The World of Charts thesis tips the SOL price to soar by over 86%, with the potential to add $105 in a bull case scenario. However, this does not negate a possible SOL price retest of $75 if crucial support levels fail to hold.
At the time of writing, the price of Solana was changing hands for $120, up by 8.06% in 24 hours.
Despite the Relative Strength Index (RSI) soaring from the low of 34 recorded on April 8 to the current 46.89, SOL is not completely out of the woods. The MA Cross indicator shows that the Death Cross inked on April 2 has yet to be invalidated.
With Solana showcasing a potential rebound trend, many community members are quizzing to determine what will happen to its growing ETF products. Responding to SOL ETF approval queries, Senior Bloomberg ETF Analyst James Seyffart broke the silence on what to expect.
He reiterated that the first ‘final’ deadline for SOL ETFs is October 10. He noted that there is a non-zero chance the new Atkins-led US SEC and Hester Peirce-led Crypto Task Force will move earlier than that.
Despite this definitive timeline, he reiterated that there is a strong expectation of approval by that deadline. In the meantime, the Crypto Task Force is pushing for clear regulations, which is positive for a potential approval.
A Solana ETF could usher in institutional money into the ecosystem, which is bullish for the SOL price, leading to a massive breakout.
According to a recent ecosystem shift, the Proof-of-Stake (PoS) protocol is undergoing a subtle rebranding in the market. Besides introducing Confidential Balances to drive privacy, Solana Developers have also unveiled Open Source Relayers. In partnership with OpenZeppelin, these Relayers are in alpha mode and can power some functionalities within the ecosystem.
A defined attempt to revive the memecoin outlook in the SOL ecosystem through PumpFun also exists. With the return of the livestream, PumpFi, and PumpSwap, the protocol is gearing up for a new wave of meme explosion and price rebound.
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