Solana Jump 4.5% Omo SEC ETF Delay and Institutional Demand
Solana ETF futures don reach record $3.4 billion for total trade volume by August 13, wit $297 million enter for just one day. Dis big increase for Solana ETF show say institutional demand dey grow like wetin happen for Ethereum ETF boom, e dey driven by REX Shares Solana Staking ETF (SSK) wey dey manage over $150 million now. Big asset managers like Grayscale, Fidelity, ProShares and Canary don file proposals for Solana ETF.
On August 16, SEC extend review time for Bitwise and 21Shares spot Solana ETF applications go October 16 because market integrity and classification na the wahala. Even wit delay, SOL price jump 4.5% to around $193 as traders just see am as normal process no be something big.
Technical analysis show SOL dey trade above its 50-day simple moving average close to $188 inside ascending triangle. If e break progress $198, e fit target $205 and $214, support levels dey $188–$186 and $174.
Market sentiment still dey positive, Bloomberg talk say e get 95% chance for Solana ETF approval and prediction markets still dey optimistic. Strong institutional demand and solid technical signals fit push SOL price go higher.
Bullish
Di tori beta for SOL because di demand from big big company dem dey rise plus record Solana ETF trade volume show say investors dey interested well well. Di price jump after SEC delay mean say traders dem dey see di setback as na just procedure matter. Technically, SOL wey dey trade above di 50-day SMA inside di ascending triangle mean say e fit breakout pass $198, go reach $205–$214 target. Short term, di positive feeling plus money wey dey flow in, dem go support more gains. Long term, high chance say ETF go get approval plus steady money wey dey come from REX SSK and other asset managers fit keep SOL momentum dey go up.