The post Solana ETF Predictions High, Yet SOL Price Sees Downturn appeared on BitcoinEthereumNews.com.

A few days ago, the buzz around a Solana (SOL) ETF application filed by VanEck caused the price to increase by 10% within a short period. Later on, investment firm 21Shares joined the race, but the token could not hold on to the initial hike. However, some analysts stuck to their bullish predictions. But Solana’s short-term outlook may not bring out those forecasts. Bullish Momentum Folds At press time, SOL remains range-bound between $132 and $143. In the last 24 hours, the price has decreased by 7.46% due to widespread sell-offs in the market.  According to the daily chart, the Relative Strength Index (RSI) stands at 40.57. The RSI measures momentum using the extent of price changes and indicates whether an asset is overbought or oversold. When the value drops below the 50.00 neutral region, momentum is bearish. A rise above the midpoint indicates bullish momentum. Therefore, SOL is in a bearish phase. If unchecked, the momentum may weaken, leading to a lower price.  Read More: Solana vs. Ethereum: An Ultimate Comparison Solana Relative Strength Index. Source: Santiment However, on June 28, crypto trading firm GSR shared its prediction for the token if the Solana ETF gets approved. In analyzing the potential, GSR considered the bear, baseline, and bullish phases. It also added that a spot Solana ETF could record 2%, 5%, and 14% of Bitcoin inflows for each phase above. Based on this prediction, the price of SOL may reach $1,192 in the long term. Previously, BeInCrypto reported that the development led to increased buying pressure on the spot market. SOL Price Prediction: Token Stuck in Wait-and-See Mode As of this writing, the Cumulative Volume Delta (CVD) shows otherwise. The CVD shows the difference between buying and selling volume in the market. If the net difference is positive, it indicates…

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Filed under: News - @ July 5, 2024 2:26 am