.jpg)
join us cable A channel to stay up to date with the latest breaking news
Solana’s price is down 3% over the past 24 hours to trade at $132.63 as of 02:36 AM EST.
The decline came despite news that digital asset manager 3iQ has applied to list its Solana ETF (exchange-traded fund) on the Toronto Stock Exchange (TSE) in Canada.
If approved, it would serve as the first of these SOL-inspired financial instruments in North America.
3iQ Corp. is pleased to announce that we have filed a preliminary prospectus for the Solana Fund (QSOL) in Canada in connection with an initial public offering.
This is a continuation of our proven track record of innovation and, if applicable regulatory approvals are obtained,… pic.twitter.com/7ghv05f8gU
— 3iQ Digital Asset Management (@3iq_corp) June 20, 2024
The approval will also see holders of 3iQ’s Solana ETFs receive a benefit from SOL’s original returns.
According to the company, these returns will range between 6% to 8%. The filing proposes that the custodians of the ETF will be Coinbase Custody and Tetra Trust, with the former providing exclusive institutional infrastructure for the Solana Fund.
Based on Yahoo Finance data, the two main cryptocurrency products listed on the TSE by the digital asset manager are 3iQ Bitcoin ETF (BTCQ) and 3iQ Ether Scking ETF (ETHQ). These assets are valued at approximately $233 million and $38.7 million in net assets, respectively.
Bloomberg analyst James Seyphart noted that more than $1 billion worth of Solana ETFs are already on offer around the world. Among them, 21Shares Solana Staking ETP (exchange-traded product) and ETC Group Physical Solana product in Europe.
You guys will be surprised to realize that we already have over $1 billion in Solana products traded on the exchange elsewhere in the world!! pic.twitter.com/y3zSZrHJGo
– James Seyff (@JSeyff) June 20, 2024
Solana Price Forecast Amid SOL Spot ETF Brewing in North America
Solana price is trading with a bearish bias, with the 1-day time frame showing a series of lower highs. This occurs as the altcoin continues to consolidate within a bearish parallel channel, with bearish dominance catapulting the SOL below the center line of the channel.
Based on the forecast shown in the chart below, Solana price may register further downward momentum. For starters, the Relative Strength Index (RSI) shows that buying pressure is weakening, with the Momentum indicator well below the intermediate level of 50. In the same way, the Moving Average Convergence Divergence (MACD) indicator is also below the orange band of the indicator. The signal line is in the negative zone.
If selling pressure increases, Solana price may extend the decline to test the $120.83 level, which could create a buying opportunity here before the next bullish wave. In a severe case, the altcoin could slide below this level to sweep up the buy-side liquidity that exists below this level of buyer congestion.
GeckoTerminal: 1-day SOL/USD chart
On the other hand, traders taking advantage of the current downtrend to buy SOL at a cheap price could trigger a rebound. If an uptrend develops, a strong move above the center line of the channel would be ideal.
While a stable close above $176.86 would be ideal, the bearish thesis will only be invalidated if Solana price achieves a candle close above $204.05.
Clearing the above high range would provide the jumping point to a new cycle top.
However, for now, the possibility of a Solana spot ETF in North America has increased trader interest in Sealana (SEAL), an ETF The SOL meme coin that only has four days left in pre-sale.
Popular YouTuber Crypto Mis Chief sees it as the potential next Dogwifhat (WIF) coin, a pioneering SOL-based meme coin that exploded upon launch.
A promising alternative to Solana
Power seal Silana ecosystema character based on a fat seal completely submerged in the Solana Sea.
Once a sleek and agile SEAL, he was so immersed in the Degen trade that he abandoned the rudimentary shape of his youth for a diet of potato chips and canned tuna.
New Meme Crypto Coin “Sealana” Attracts Whales as Solana Price Recovers.
#SolanaMemecoin pic.twitter.com/zqP73U7Mk3– TechStory (@TechStoryin) May 5, 2024
Sealana’s pre-sales have exceeded $5 million from investors Buy SEAL for only $0.022. If you want to join the project, do so quickly before it closes in four days.
Visit and purchase Sealana tokens here.
Read also:
PlayDoge (PLAY) – The latest ICO on the BNB chain
- 2D Virtual Doge Pet
- Play to earn Meme Fusion Coin
- Staking and in-game token rewards
- SolidProof – playdoge.io has been audited
join us cable A channel to stay up to date with the latest breaking news
