Amidst the widespread rebranding push, the SOL ETF approval timeline is expected to influence investor sentiment, with the price in recovery mode.
The current bullish trend has pushed the coin to a new weekly high, putting the price of Solana (SOL) in the spotlight. The Solana community is also looking forward to the Exchange Traded Fund (ETF) associated with the asset, which has sparked discussion about when the offering might be approved. Solana has performed better than other altcoins even though the price of Bitcoin and other altcoins has rebounded.
Could The Price of Solana Break out to $200?
Market analyst World of Charts has provided fresh insight on X, indicating that the price of Solana is presently attempting to test a possible breakout trend. According to him, the coin is testing important resistances that, if it breaks out, could easily push it to the $200 mark.
The World of Charts thesis predicts that the price of SOL will rise by more than 86%, and in a bull market, it could rise by $105 as well. However, if key support levels are broken, this does not rule out a potential retest of the SOL price at $75.
SOL is not entirely out of the woods, even though the Relative Strength Index (RSI) has risen from its low of 34 on April 8 to its current 46.89. According to the MA Cross indicator, the Death Cross inked on April 2 has not yet been invalidated.
SOL ETF: Possible Timetable for Approval
Since Solana is showing signs of a possible recovery, many community members are asking questions to determine what will happen to its expanding ETF products. Senior Bloomberg ETF Analyst James Seyffart asked what to anticipate in response to questions about SOL ETF approval.
He restated that October 10 is the first “final” deadline for SOL ETFs. He pointed out that the new Atkins-led US SEC and Hester Peirce-led Crypto Task Force have a non-zero chance of acting before then.
He reaffirmed that there is a high expectation of approval by that date, even with this clear timeline. The Crypto Task Force is working to establish clear regulations in the interim, which is encouraging for possible approval.
An enormous breakout could result from institutional money entering the ecosystem through a Solana ETF, which is bullish for the price of SOL.
