📌 TOPINDIATOURS Hot crypto: British crypto firm KR1 eyes London Stock Exchange as

UK regulators are adopting a more lenient stance on crypto, opening the LSE to digital assets and easing proposed stablecoin limits for institutions.

🔗 Sumber: www.cointelegraph.com

📌 TOPINDIATOURS Update crypto: Solana Price Eyes 10% Gains Amid SOL ETF Launch Buz

The Solana price could see up to 10% gains, with the bulls riding on the SOL ETF (exchange-traded funds) launch buzz. However, technical indicators show bearish hands are tightening their grip, ready to sell into strength.

Solana ETF remains a headline with multiple issuers still pursuing to offer this financial instrument.

Solana ETF Launch Triggers Positive Signals for SOL Price

Institutional interest in SOL is rising. Bitwise and Canary Capital confirmed their individual Solana ETFs will start trading today, October 28, after weeks of regulatory confusion.

Bitwise’s head of research, Ryan Rasmussen, advertised the firm’s Solana ETF product with the BSOL ticker, signaling an institutional gateway into the SOL market.

Grayscale has already accentuated this institutional FOMO, flaunting GSOL, advertised as the US’s largest publicly traded spot Solana fund. This financial instrument already offers exposure to SOL in certain US brokerage accounts with staking activated.

The same goes for VanEck, which filed its sixth S-1/a amendment to its Solana ETF on Monday. The filing status was changed to “effective”, and the fee was adjusted to 0.3%.

Likewise, Hong Kong’s first Solana ETF started trading on Monday, marking Asia’s first of that particular financial instrument.

Against these backdrops, analysts are making bullish calls for the Solana price, which still holds its three-year support trendline.

Could Solana Make a 10% Run to $220?

As of this writing, the Solana price was $200.18, down by a modest 1% in the last 24 hours. Despite the lull, a technical analysis of the SOL/USDT pair shows it may have more upside in the cards.

In hindsight, the Solana price has traded along an ascending trendline since April, suggesting growing bullish momentum.

However, with the upside capped at $254.36, a rejection from the descending trendline has SOL price filling up a symmetrical triangle. Here, two converging trendlines connect a series of lower highs and higher lows, indicating a period of consolidation.

Upon breakout, and if momentum sustains, the Solana price could climb 9.76% to $220.43. This level coincides with the 78.6% Fibonacci retracement level.

A decisive candlestick close above this resistance could see the Solana price confront the next roadblock at $237.22. This level was last tested in early October.

In a highly bullish case, the gains could extrapolate to $254.36, nearly 30% above current levels. The trajectory of the RSI (Relative Strength Index) inspires optimism, showing momentum is rising seen with the higher lows.

However, with bearish volume profiles (yellow horizontal bars) overpowering bullish volume profiles (blue horizontal bars), the Solana price could meet significant resistance as it pushes for further upside. It suggests the bears are circling, waiting for momentum to fade.

If this happens, and the Solana price falls below $193.79, earmarked by the most critical Fibonacci retracement level of 61.8%, the bears could take charge. This could send the altcoin below the lower trendline of the triangle.

Bulls could find another discounted entry around $175.08, the 50% Fibonacci retracement level. Bullish hands are already waiting to interact with the Solana price, as shown with the blue horizontal bars.  

Meanwhile, an analysis of Solana price action on a 4-hour perpetual futures chart shows that the main bullish impulse may be over.

To some, however, the lull in the Solana price is the handiwork of Binance, with analyst Marty Party calling out the exchange for price manipulation.

“Watch it play out – on the Solana ETF launches, everyone will go long, Binance will flush the range. Understand how the market works until Market Structure…3 SOL ETFs launching this week. Binance has sol…

Konten dipersingkat otomatis.

🔗 Sumber: www.beincrypto.com

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