Solana ETF Approved in Brazil: SOL Hits New ATH Versus Ethereum

Amid the recent crypto rebound sparked by the final ruling in the SEC vs Ripple lawsuit, Solana (SOL) witnessed a nearly 7 percent surge, trading at approximately $155 during Thursday’s early Asian session. The large-cap altcoin, valued at approximately $90 billion with a daily traded volume averaging around $6.9 billion, has shown significant resilience, bouncing back strongly from the recent crypto market crash. At present, SOL is striving to reclaim the 50 and 200-day Moving Averages (MAs) as key support levels, aiming to maintain its bullish momentum. Additionally, SOL has forged a sturdy support level of approximately $120, which proved resilient even in the aftermath of the crypto crash.

• Solana Network Receives Major Boost in Brazil
• Midterm Price Expectations

Solana Network Receives Major Boost in Brazil

The Solana network has gained significant momentum, attracting a growing number of retail and institutional investors from across the globe, overtaking Binance coin (BNB) to become the fourth most valuable digital asset by market capitalization. Recently, the Brazilian Securities and Exchange Commission (CVM) granted approval for the introduction of the first spot Solana ETF, marking a significant milestone for the network. This move by the Brazilian CVM, which greenlit investment firm QR’s ETF managed by Vortx, could potentially pave the way for similar approvals in other regions, particularly in the United States. Given the recent easing of the US SEC’s stance on cryptocurrency regulations following several court losses, there’s a growing speculation that VanEck and other investment firms’ applications to issue a spot Solana ETF in the US could receive approval in the early part of next year. This series of developments underscores Solana’s rising influence and acceptance in the global financial markets.

Midterm Price Expectations

Following a notable rebound in recent days, Solana’s price relative to Ethereum has surged to a record high within the past 24 hours. The weekly Relative Strength Index (RSI) has bounced back from the 50 percent mark, indicating that Solana’s price, when compared to the US dollar, is poised to rechallenge its historical peak in the coming days. Nevertheless, a persistent close beneath the $137 mark could potentially weaken the upward trend and lead to intensified selling activity.