Solana (SOL) Eyes Spot ETF Approval as Price Targets Crucial Resistance Levels

Solana （SOL） is making strides towards becoming one of the assets featured in a spot Exchange Traded Fund （ETF）, with significant price movements anticipated as a result.

Points

• Solana is aiming for a spot ETF approval.
• The SEC has a deadline of mid-March 2025 to decide on ETF applications.
• Solana is holding the $140 range amid a bullish market.
• A successful ETF approval could transform the $156 resistance into support.

Solana （SOL） is striving to be included in a spot Exchange Traded Fund （ETF）, with the SEC’s decision expected by mid-March 2025. This development could lead to substantial growth for Solana, as the hype surrounding the token is likely to intensify. VanEck has filed the first spot ETF with the Chicago Board Options Exchange （CBOE）, followed by 21Shares.

Although the approval of an altcoin other than Ethereum for a spot ETF remains slim, Ethereum’s successful approval has set a precedent. This potential approval could translate into significant growth for Solana, evidenced by the recent bullish crossover on the MACD （Moving Average Convergence Divergence） indicator.

If Solana manages to secure ETF approval, it could transform the crucial resistance of $156 into a support level, enabling SOL to recover recent losses and potentially spark a long-term bullish trend.

Explanation

• Spot Exchange Traded Fund （ETF）: A financial product that tracks the price of an asset and is traded on stock exchanges.
• SEC （Securities and Exchange Commission）: The U.S. government agency responsible for regulating the securities industry.
• MACD （Moving Average Convergence Divergence）: A trend-following momentum indicator that shows the relationship between two moving averages of a security’s price.

Solana’s pursuit of a spot ETF approval represents a significant milestone, potentially driving substantial growth and reinforcing its position within the crypto market.