Solana (SOL) has been next in line for the spotlight following the Bitcoin and Ethereum ETFs. There’s a lot of excitement about a possible Solana ETF, growing interest in memecoins, and the new MEW listing on WhiteBIT.
Solana ETF Remains Vague While SEC Excludes Solana As Security
After Ethereum ETFs sought final approval from the SEC, Solana entered the queue for the next asset to be listed on Wall Street. At the start of July, VanEck and 21Shares had filed applications with the SEC.
The confidence about Solana ETF was particularly incented by Eric Balchunas. According to the Bloomberg analyst, the most likeable deadline for traded funds to come into light is mid-March 2025.
“But between now and then the most impossible date is in November,” Balchunas added. “If Biden wins, these are likely DOA [ed. note - “dead on arrival”]. If Trump wins, anything is possible.”
With Kamala Harris entering the election, the clarity on Solana ETF has not yet been established.
The momentum for Solana has shifted recently amidst SEC vs Binance case updates. On July 30, the Commission modified the lawsuit, removing Solana’s (SOL), Cardano’s (ADA), and Filecoin’s (FIL) classification as security.
Still, this does not mean that the regulator completely let Solana off the hook.
After Ethereum ETFs sought final approval from the SEC, Solana entered the queue for the next asset to be listed on Wall Street. At the start of July, VanEck and 21Shares had filed applications with the SEC.
The confidence about Solana ETF was particularly incented by Eric Balchunas. According to the Bloomberg analyst, the most likeable deadline for traded funds to come into light is mid-March 2025.
“But between now and then the most impossible date is in November,” Balchunas added. “If Biden wins, these are likely DOA [ed. note - “dead on arrival”]. If Trump wins, anything is possible.”
With Kamala Harris entering the election, the clarity on Solana ETF has not yet been established.
The momentum for Solana has shifted recently amidst SEC vs Binance case updates. On July 30, the Commission modified the lawsuit, removing Solana’s (SOL), Cardano’s (ADA), and Filecoin’s (FIL) classification as security.
Still, this does not mean that the regulator completely let Solana off the hook.
There is no reason to think the SEC has decided SOL is a non-securitysaid Jake Chervinsky, chief legal officer at crypto-focused venture capital firm Variant Fund.
He added that such action seems to be a litigation tactic, but not a change in the SEC’s policy,
“Note the SEC still calls these tokens securities in the other exchange cases.”
MEW Listed on WhiteBIT, Solana Network Activity Boosted
Solana’s upward dynamics throughout the week stemmed from the positive momentum.
Data from CoinGecko reveals that the total market capitalization of Solana-based memecoins has been spiking for the last 7 days. At the writing time, it counted up to $8.6 billion, while it hit $9.2 billion on July 24.
Solana memecoins market overview. Source: CoinGecko
Namely, the largest Solana memecoin in terms of market cap – dogwifhat (WIF) – has been trading the previous week, reaching as high as $2.85, a crucial local high. Meanwhile, Book of Meme (BOME) has remained bullish sentiment until the writing time, securing 17% weekly growth.
Cat in a dogs world (MEW) marked the largest skyrocket, adding 130% to its value within the previous week. The surge was followed by July 23 token’s listing on WhiteBIT. Immediately after the listing, MEW has scored the all time high of $0.0096.
Source: WhiteBIT/X
Shortly before the announcement, WhiteBIT revealed the start of the MEW Bounty Program which includes a variety of tasks, after the completion of which 250 winners will share the 6,000,000 MEW prize pool.
Apart from this, WhiteBIT introduced crypto lending for MEW at 1.5% for 30 days, which also added to the asset’s trading volume. According to Cryptopolitan, this initiative elevated MEW’s trend and turned out to become a positive factor for MEW, opening the token to the DeFi-landscape.
The memecoin rally and especially MEW’s uptrend swung up Solana on-chain activity. Specifically, the trading volume on the chain and total value locked (TVL) have seen a notable increase, with the latter one standing at $5,436 billion
Solana volume (green histogram) and TVL (blue). Source: DeFi Llama
What Do The Charts Say?
Meanwhile, the daily SOL/USDT chart clearly reveals bullish sentiment about the asset, as the participants are prone to buying at the dips for further upward movement. Since July 30, the asset reversed from $175 to $182 in momentum, yet returned to the lower point.
SOL/USDT 1D chart. Source: WhiteBIT TradingView
While RSI remains in the above 50-zone, it has registered a sharp downtick.
At the same time, the moving averages remain neutral-bullish, reviving hopes for SOL’s upward momentum. The bulls will make another attempt to propel the price above the $194 resistance. If they can pull it off, the SOL/USDT pair will attempt a rally to $210, which is expected to act as a solid resistance.
Still, If the price turns down sharply from the overhead resistance and breaks below the 20-day EMA, it will signal that the pair may remain stuck inside the $116 to $210 range for some more time.
Contrary to the mixed sentiment, Solana remains a crucial player in the market. Given the memecoin activity and expectations for SOL ETF, the coin is poised for the upticks – either long-term or short-term.
Paul Osadchuk
Author
