As uncertainty lingers in the market, the prolonged downtrend of Solana [SOL] seems set to reverse following optimistic forecasts by industry experts.
Nate Geraci, the president of the ETF Store, recently shared on X (formerly known as Twitter) his expectation for the approval of spot Solana ETFs in 2025.
Is there a Future for spot SOL ETF in 2025?
The speculation behind this projection revolves around the cryptocurrency-friendly political landscape and the departure of Gary Gensler, the Chair of the United States Securities and Exchange Commission (SEC).
Since the pro-crypto stance of President Donald Trump, the overall crypto market has seen substantial growth. However, it is currently undergoing a corrective phase.
During this upsurge, assets like Solana, Bitcoin [BTC], and Pepe [PEPE] achieved record highs, even before Trump’s official inauguration.
Continued presidential support could pave the way for multiple ETF approvals, potentially including a Solana ETF.
How will ETF Approval Influence SOL Price?
Drawing insights from Bitcoin’s performance post-ETF approval, experts anticipate a similar market response in 2025.
ETF approval provides traditional and retail investors with an avenue to engage in the crypto sphere through stock exchanges, potentially triggering a surge in demand and asset prices.
If a spot Solana ETF gets the green light, a significant upward trend is foreseeable. Nevertheless, the current SOL price is showing signs of struggle.
Solana’s Technical Evaluation and Crucial Level
According to CryptoCrypto’s technical evaluation, SOL appears bullish and appears primed for an upward breakout. On a four-hour chart, a symmetrical triangle pattern hints at an imminent price surge.
If the asset breaches this pattern and closes a daily candle above $196, there’s a strong likelihood of an 18% to 20% spike, potentially reaching $233 shortly.
Despite this positive stance, investors express hesitancy, as flagged by on-chain analytics firm Coinglass.
$9.50 Million in SOL Inflow
Data regarding SOL’s inflow/outflow on exchanges displays a $9.50 million inflow of SOL in the past 24 hours.
This considerable influx suggests that long-term holders might be offloading their assets, possibly contributing to selling pressure and further price drops.
61% of Traders Favor Long Positions
In addition to potential long-term holder sales, intraday traders demonstrate an interest in SOL.
Coinglass reports the SOL Long/Short Ratio at 1.545, showcasing prevalent bullish sentiment among traders.
The data indicates that 60.71% of leading traders are currently long, while 39.29% hold short positions.