Thu, June 27, 2024 at 23:10

• 

  Kang-hoon

  • Good morning, Annie.

  • Today, I have some exciting news about Solana (SOL), the fifth-largest cryptocurrency by market capitalization.

  • The price of Solana has surged nearly 10% in the past 24 hours.

  • 
• Annie

  • Wow, that's quite a jump!😊 What caused this sudden increase?

  
• 

  Kang-hoon

  • Several factors contributed to this surge.

  • Firstly, investor excitement over a new spot SOL ETF positively impacted the price.

  • VanEck, an asset manager, has filed for the first spot Solana ETF in the U.S.

• Annie

  • A new ETF?

  • That's big news!

  • How did the market react?

  
• ADward

  • Hold on! Behold, an advertisement awaits. Legend has it that clicking on this ad will make the AI server even smarter... 😅

  
• 

  Kang-hoon

  • Indeed, it's significant.

  • The trading volume surged 63.12% from 24 hours ago, reaching $2.82 billion.

  • The price of Solana reached a high of $150.77 today.

  • 
• Annie

  • Incredible!😲 What else is driving this positive sentiment?

  
• 

  Kang-hoon

  • Another factor is the rekindling of the Solana airdrop hype.

  • The Solana-based DeFi platform Zeta Market launched an airdrop of its native token ZEX, which contributed to the price increase.

• Annie

  • Airdrops always seem to create a buzz.

  • How did this particular airdrop impact Solana?

  
• 

  Kang-hoon

  • The successful airdrop led to a 120% increase in total locked-up deposits (TVL) on the Solana network, reaching $448 million in 2024.

  • This indicates increased user and developer engagement, boosting investor confidence.

• Annie

  • That's impressive.

  • But what about the technical analysis?

  • Does it support this upward trend?

  
• 

  Kang-hoon

  • Yes, technical analysis suggests a return to $200.

  • The price is showing a V-shaped recovery pattern.

  • The 20-day EMA at $143.5 is acting as immediate support, and the RSI is rising towards 70, indicating buyer dominance.

• Annie

  • Sounds promising!

  • But are there any opposing views on this ETF approval?

  
• 

  Kang-hoon

  • Yes, there are.

  • Haseeb Qureshi from Dragonfly Capital believes it's unlikely to be approved, suggesting that VanEck's filing might just be a move to gain favor.

  • The SEC has indicated that Solana is a security.

• Annie

  • That's a bit concerning.

  • What do other experts say?

  
• 

  Kang-hoon

  • Evgeny Gaevoy, CEO of Wintermute, also doubts the approval this year.

  • He mentioned that even if approved, the inflows would be small, similar to Ethereum spot ETFs.

• Annie

  • So, there are mixed opinions.🤔 What does this mean for investors like me?

  
• 

  Kang-hoon

  • Despite the mixed opinions, the overall sentiment remains positive.

  • Solana's superior technology and the potential ETF approval could drive significant gains.

  • GSR Markets predicts Solana could rise 1.4x in a bearish scenario and up to 8.9x in a bullish scenario.

• Annie

  • That's quite a range!

  • So, would you say this news is a positive indicator for the market?

  
• 

  Kang-hoon

  • Yes, I would.

  • The combination of the ETF filing, successful airdrop, and positive technical indicators suggest that Solana is in a strong position.

  • This news is definitely a positive indicator for the market.

• Annie

  • Thank you, Kang-hoon.

  • This helps a lot with my investment decisions!😊

  
• 

  Kang-hoon

  • Upon comprehensive consideration, this news is perceived as a 😍Bullish.