SUI Leads Crypto Market With 78% Weekly Uptick: Here\u2019s Why<\/a><\/div>\nSOL\u2019s potential is in the long term with developments like this that may take place weeks, or even months, after the initial announcement. As of now, SOL is weathering the bearish storm well as the consolidation phase opens the road toward $171 or even $186.\u00a0<\/span><\/p>\nHowever, expect this consolidation phase to be short as the market continues to experience moderate volatility in the short term.\u00a0<\/span><\/p>\nFeatured image from Marca, chart from TradingView<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"Although the market dipped today, Solana has found its way to spark investor interest despite falling a few points in the past 24 hours. However, the token is still up nearly 22% in the past month, going against the market\u2019s general bearishness after last week’s slip and slide.\u00a0 Related Reading: XRP Price Reaches Support: Will It Trigger a Turnaround? Solana\u2019s significant traction around the world has garnered some attention in the institutional space, leading to a development that might help SOL weather the bearish storm ahead. But with the coming announcements of several macro indicators, there might be trouble in the coming weeks.\u00a0 Brazil Approves Solana ETF, Coming Ahead Of The USA The Comiss\u00e3o de Valores Mobili\u00e1rios (CVM), the Brazilian equivalent of the US Securities and Exchange Commission, approved QR Asset\u2019s Solana exchange-traded fund (ETF) proposal on Wednesday becoming the first ever Solana ETF in Latin America. This development surpasses the United States as several Solana ETFs are still up for review by the SEC.\u00a0 According to local sources, the ETF is still subject to approval by B3, the company responsible for the country\u2019s stock exchange. Nonetheless, this is a huge win for Brazilian crypto-enthusiasts as it solidifies the country\u2019s position in the international crypto scene.\u00a0 \u201cThis ETF reaffirms our commitment to offering quality and diversification to Brazilian investors. We are proud to be global pioneers in this segment, consolidating Brazil\u2019s position as a leading market for regulated investments in crypto assets,\u201d Theodoro Fleury, Manager and Chief Investment Officer at QR Asset, said in an interview.\u00a0 SOL Consolidation Phase Starts, Price To Stabilize On This Level Regulatory hurdles are the thing that block Solana ETFs from hitting the market. Although the SEC already pulled Solana\u2019s name from its legal action against Binance, Solana ETFs in the US are still a long way ahead. But the market reacted spectacularly well from the Brazilian Solana ETF announcement.\u00a0 Although short term pain is relatively stingy, SOL\u2019s position is quite healthy as the $131-$147 price range remains to be the bulls\u2019 chosen platform for future upward movement.\u00a0 Meanwhile, World of Charts, a well-known cryptocurrency analyst, has identified the presence of a bullish pennant pattern. This pattern typically occurs after a significant upward price movement and is characterized by converging trendlines that resemble a symmetrical triangle. This pattern indicates a temporary halt in the market before continuing the current upward trend. ETF: Boon Or Bane? The ETF announcement has definitely hurt the bears, which further reduced the possibility of further downturn. Moving forward, investors and traders should watch the broader market developments that may or may not affect the token\u2019s price movement. In this case, watching how institutional entities grow in interest on Solana\u2013 and crypto as a whole\u2013 is a great place to start.\u00a0 Related Reading: SUI Leads Crypto Market With 78% Weekly Uptick: Here\u2019s Why SOL\u2019s potential is in the long term with developments like this that may take place weeks, or even months, after the initial announcement. As of now, SOL is weathering the bearish storm well as the consolidation phase opens the road toward $171 or even $186.\u00a0 However, expect this consolidation phase to be short as the market continues to experience moderate volatility in the short term.\u00a0 Featured image from Marca, chart from TradingView<\/p>\n","protected":false},"author":557,"featured_media":634863,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[142,6664,12837,83626,91216],"class_list":["post-634839","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-altcoins","tag-crypto","tag-sol","tag-solana","tag-solana-etf"],"acf":[],"yoast_head":"\n
Solana Rockets Up 23% As Developments Spark Investor Interest<\/title>\n \n \n \n \n \n \n \n \n \n \n \n \n \n\t \n\t \n\t \n \n \n \n \n \n\t \n\t \n\t \n