Ripple CEO Brad Garlinghouse recently predicted that Solana ETF is inevitable following the SEC’s approval of Bitcoin and Ethereum ETFs.
At the Consensus 2024 event, Garlinghouse highlighted the potential for Solana ETFs, emphasizing the importance of regulatory clarity for the growth of digital assets in the U.S.
This optimism, coupled with the prediction of a $5 trillion crypto market, has sparked interest in Solana price prediction. Investors are now speculating whether SOL could reach $1,000 this year.
Ripple CEO Sees Solana ETF as ‘Inevitable’
Ripple CEO Brad Garlinghouse predicts the emergence of Solana (SOL) ETFs, following SEC approval of Bitcoin and Ethereum ETFs. At the Consensus 2024 event, he stated:
“It’s just a matter of time for an XRP ETF, a Solana ETF, and a Cardano ETF.”
Garlinghouse highlighted the challenges of regulatory approval for these ETFs and criticized the lack of clarity in Washington. He emphasized the importance of clear regulations for the growth of digital assets in the U.S.
BREAKING: RIPPLE CEO CONFIRMS $XRP ETF — “Just A Matter Of Time” !!
“I think it’s just a matter of time, and it’s inevitable there’s gonna be an #XRP ETF, there’s gonna be a Solana $SOL ETF, there’s gonna be a Cardano $ADA ETF, and that’s great,” — @bgarlinghouse
Also… pic.twitter.com/moTk1sFVzr
— Good Morning Crypto (@AbsGMCrypto) May 31, 2024
Garlinghouse also expressed optimism about the crypto market reaching a $5 trillion valuation due to recent ETF approvals. He believes various crypto projects can coexist, each focusing on different aspects of decentralized finance and digital assets.
Key Points:
Solana ETF predicted as inevitable by Ripple CEO
Regulatory clarity is crucial for growth
Crypto market potential of $5 trillion
Crypto ETFs allow investors to gain exposure to digital assets without holding them directly, making them significant for institutional investors. The rise of ETFs could drive Solana’s price, potentially reaching $1,000 this year.
Solana Price Nears $166 Amid Solana ETF Talks
Solana is currently priced at $166.09 on the 4-hour chart. The pivot point, marked by the green line, is at $167.89. Immediate resistance levels are $172.50, $176.00, and $180.50, while immediate support levels are $163.50, $160.50, and $156.80.
On the 4-hour timeframe, Solana is consolidating within a range, forming a symmetrical triangle pattern between $168 and $163. This pattern indicates indecision among investors.
Solana Price Prediction
A breakout above $168 could push Solana towards $173 and $180, while a breakdown below $163 could lead to a decline towards $156 and possibly $150.
The RSI is at 47, indicating a neutral trend. The 50-day EMA is $167.61, acting as a resistance.
In conclusion, monitor the $167.89 pivot point closely. A move above it suggests potential bullish momentum, while a break below $163 could signal further declines.
Conclusion
Overall, in the long term, Solana’s price prediction remains bullish as the market anticipates the introduction of SOL ETFs. With regulatory clarity and increasing institutional interest, Solana could see significant gains, possibly reaching $1,000 by the end of next year.
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Current Status: $0.93 million raised
Token Supply: 9.4 billion PLAY
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The post Solana Price Prediction as Ripple CEO Sees SOL ETFs as ‘Inevitable’ – Will SOL Reach $1,000 This Year? appeared first on Cryptonews.
