The race for ETF approval is heating up as institutions look for the next big opportunity after the success of the spot Bitcoin and Ethereum ETFs. Solana and XRP are now in the spotlight, with both tokens vying for approval. Solana, known for its zero network outrage in the past year, has filed for an ETF and is expected to be approved this month. Blackrock, a major player in the financial industry, has shown confidence in Solana’s potential, signaling bullish sentiment for the token. Additionally, Grayscale has filed to convert its Solana trust into an ETF, further boosting optimism for SOL’s price to reach new heights.
In terms of technical analysis, Solana’s price is currently trading within a rising parallel channel and has strong support at average levels. The 50-day WMA has been a reliable base since Q4 of 2024, and the weekly RSI has been consistently in the upper band. With pressure building from both sides, a rebound to reclaim $250 in the coming weeks is expected, potentially leading to a fresh bull run.
However, regulatory hurdles continue to pose a challenge for Solana, as the SEC still classifies SOL as a security. This classification could complicate the ETF approval process, especially with pending exchange lawsuits. On the other hand, XRP has received a legal edge over Solana, as Judge Torres ruled that it is not a security. This distinction could play a crucial role in determining which token gets approved for an ETF first.
As the race for ETF approval heats up, investors are eagerly anticipating the outcome for both Solana and XRP. With the potential for a bullish run on the horizon, it’s not the time to be bearish on these tokens. Keep an eye on developments in the ETF approval process, as they could have a significant impact on the future of both Solana and XRP.